It’s a dream come true! Finally, the world got to see Saudi’s Aramco’s—a Saudi Arabian national petroleum and natural gas company—financial statement for the first time on the 1st of April, 2019. Just in case you’re thinking what we were thinking, this was NOT an April Fool’s prank.
Why did it take so long?
Aramco didn’t need to show anyone what it made because it is a private company. But as you know, there comes a time when every business needs to expand and diversify its source of income. So, because Aramco needed to borrow $69bn to acquire 70% of SABIC —a petrochemical company— it had to open its books for potential investors to see.
Was it worth the wait?
This depends on what people expected to see. We at Clooout think it was worth the wait though. It made $111bn in profit last year; that’s more than the five oil majors—Royal Dutch Shell, ExxonMobil, Chevron, Total and bp— combined. So much money😭
Fair enough for a company that produces about 10% of the world’s crude oil. (Whoosh!)
Something Light from NNPC
If, for some reason, you’re wondering how NNPC is doing. The answer is ‘Fine’. It reported a trading surplus(profit) of ₦12.13 (US$ 336.9m) billion in December 2018. So yay NNPC!