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Aramco excels in net profit but cash generation is less spectacular: Report

Prince Salman wants to raise a record $100 billion by selling a 5% stake in Aramco on local and foreign exchanges

Reuters  |  London 

Saudi Aramco is the world's most profitable oil company, Bloomberg reported on Friday, but its huge earnings and cash flows may still fail to justify its desired $2 trillion valuation. Financial performance at Aramco has long been one of the best-kept secrets in the oil industry but as the company prepares for a long-awaited initial public offering (IPO) this year or next it needs to tell investors what it earns and how it operates. Bloomberg news agency cited company accounts as saying Aramco had net income of $33.8 billion in the first six months of 2017 and cash flows of ...

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First Published: Fri, April 13 2018. 19:04 IST