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Saudi Aramco's first-half net income falls 12%

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Christian Fernsby |
Saudi Aramco
Saudi Aramco   Aramco said it generated total revenues were $163.88 billion

Top oil producer Saudi Aramco maintained its position as the world's most profitable company on Monday even as it reported a 12% drop in first-half net income to $46.9 billion due to lower oil prices.

Topics: Saudi Aramco

Aramco said it generated total revenues, including other income related to sales, of $163.88 billion in the first half of this year, down from $167.68 billion a year earlier.

Aramco, the world's biggest oil producer, is also taking a 20% stake in the oil to chemicals business of India's Reliance Industries Ltd, Reliance Chairman Mukesh Ambani said on Monday, in one of the biggest ever foreign investments in India.

State-run Aramco disclosed its closely guarded financials for the first time ever earlier this year, revealing its 2018 earnings in order to obtain a public rating and start issuing international bonds.

The figures showed that Aramco was the most profitable company in the world, surpassing U.S. behemoths such as Apple and Exxon Mobil. The Saudi national oil company plans to launch an initial public stock offering or IPO by 2020-2021, having postponed its flotation from 2018.


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