Saudi Aramco released its first-ever annual financial report on a new section of its website for investors, posting just under $356bn in revenue for 2018. The company has taken large steps towards breaking down its secrecy and opening up to the public, as it mulls a potential listing.
January saw an independent audit of its oil reserves, and April a bond prospectus which revealed the company’s financials, including a staggering $111bn in profit for 2018.
Now, Saudi Aramco has posted its financial results for 2017 and 2018 online, and will hold a public conference call in August to discuss its half-year results.
The public listing of 5% of Saudi Aramco at a valuation of $2tn was shelved, but would have providing $100bn in liquidity to the Saudi government as part of its larger plan to diversify its economy away from oil production.
Instead, Saudi Aramco purchased the Public Investment Fund’s (PIF) 70% stake in Saudi chemicals giant SABIC for $69.1bn. As Crown Prince Mohammed bin Salman’s primary investment vehicle, the PIF is central to his diversification plan under Saudi Vision 2030.
To help pay for the stake, Saudi Aramco issued a $12bn bond which saw $100bn in orders. Following the bond sale, Saudi Energy Minister Khalid Al-Falih said that the company would access equity markets “sooner than you think,” for more than just bonds.Â
