Aramco an oil producing company of Saudi Arabia surpassed Apple in being the most profitable business globally. The company racked up 111.1 billion dollars in the previous year.
The oil-producing giant produced 10.3m barrels of crude oil per day which led Aramco of Saudi Arabia to make revenue of 355.9 billion dollars in 2018. According to the rating agency Moody’s, Aramco was allotted a place above Apple by declaring the company as the most profitable business last year. While Apple had made a turnover of 59.5 billion dollars, Aramco yielded three times more than that of Apple.
Not only this but the oil-producing giant, Aramco made four times more profit than the other oil producing businesses like the Exxon Mobil from the US earned 21 billion dollars and the Royal Dutch Shell, which is an Anglo-Dutch company made a profit of 23 billion dollars.
According to Forbes, Apple was declared as the most profitable business in the world last year. But when the financial turnover made by the Aramco was disclosed it made the other businesses of the world look like dwarfs. While with such great yielding this company is one of the most secretive businesses owned by the Saudi Arabian State.
