Aramco Tells IPO Bankers It Made $68 Billion in First 9 Months - Bloomberg

Aramco Tells IPO Bankers It Made $68 Billion in First 9 Months - Bloomberg:

Saudi Aramco earned $68 billion in the first nine months of the year, cementing its position as the world’s most profitable oil company, according to people familiar with the figures.

The unaudited net figure was given to financial analysts working on the company’s initial public offering, the people said, asking not to be identified because the information isn’t public. Aramco has not released comparative numbers for last year and its media office declined to comment.

Aramco’s nine-month profit is a multiple of the annual earnings of Exxon Mobil Corp., the biggest publicly listed oil firm. The Saudi company earned $111 billion last year, making it the most profitable business on the planet. Crown Prince Mohammed Bin Salman is counting on that profit and the nation’s vast oil reserves to attract investors to the company’s IPO, which in turn will help fund his plan to overhaul the Saudi economy.