According to The Financial Times, Saudi Aramco, a giant oil company, has been been ranked as the most profitable company in the oil industry on the grounds of corporate records for the last year. It unveiled its financial books for the first time ever ahead of a dollar-denominated bond sale.

The state-run company aims to borrow up to $10 billion through a bond sale. With such capital raising, the management will purchase 70% of shares of Saudi Basic Industries Corporation (SABIC), a petrochemical state-owned company.

In 2018, Saudi Aramco generated $111.1 billion in net income. The total revenue came in at $355.9 billion. The company posted EBIDTA at $223.8 billion. According to estimates, Aramco’s revenue outweighs overall profits of other renowned corporations like Apple Inc, Alphabet, and Exxon Mobil ($59.5 bln, $30.7 bln, and $20.8 bln respectively).

Last year, Saudi Aramco boosted its revenue by 35% amid a steady rally of oil prices. 56.4% of its revenue is earned from selling the crude. The remaining part is generated by oil refineries and gas plants. The funds stored in accounts of the oil giant exceed $48 billion.

In 2018, Saudi Aramco produced crude at a rate of 10.3 million barrels per day. The bulk of oil was shipped to Asian consumers. Earlier, Moody's and Fitch international rating agencies appreciated Saudi Aramco’s solvency assigning it to A1 and A+ investment grades respectively. Bloomberg notes that the assessment of the creditworthiness could be higher. However, investors voice concern about tax pressure from the local authorities. The company pays 50% of its income to the government in a profit tax.