Saudi Aramco's 2018 net income zooms to $111.07 billion
12 June 2019
Saudi Aramco has reported a net income (attributable to shareholders) of $111.07 billion in 2018, a 45.36 per cent increase from the $75.89 billion net profit for the previous year, according to a statement issued by the company.
Aramco said total revenues were at $355.94 billion in 2018, up 34.74 per cent from $264.17 billion in the previous year, as oil prices improved. Total assets jumped to $358.97 billion during the year, from $294.01 billion in 2017.
Saudi Aramco, the world’s largest integrated oil and gas company producing one in every eight barrels of crude oil globally, said its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the year stood at SAR 839 billion ($224 billion).
Return on average capital employed stood at 41 per cent.
At the end of December 2-18, the company had 257 billion barrels oil equivalent of proved reserves.
In 2018, the company produced 13.6 million barrels per day of oil equivalent (including 10.3 million barrels per day of crude oil – including blended condensate). The company’s net refining capacity as of 31 December 2017 made it the fourth largest integrated refiner in the world.
Saudi Aramco’s gross refining capacity during 2018 stood at 4.9 mmbl/day and net refining capacity at 3.1 mmbbl/day as of 31 December 2018.
The company is focused on maintaining its pre-eminent upstream position and continued strategic integration of its downstream operations to secure demand for its crude oil and to capture value across the hydrocarbon chain.