New York (CNN Business)Saudi Aramco, divulging its finances for the first time, revealed that it is the world’s most profitable company.
The Saudi oil company made $111 billion last year, according to a note from Moody’s. The rating agency based that on a prospectus for a massive bond offering Aramco expects to use to help finance the purchase 70% of Saudi Basic Industries Corporation. Aramco hopes to buy that stake in the state-owned petrochemical company for $69.1 billion.
It is the first public disclosure of earnings by Aramco in the decades it has been owned by the Saudi government.
