Saudi Aramco Becomes World Most Profitable Company After Making 111 billion USD in 2018 Overtaking Apple's First Ranking

Picture source: NYTimes photo - Aramco

Saudi Aramco is topping as the most profitable company in the world according to financial data disclosed by the company. Aramco made a net income of 111 billion USD in 2018, compared to Apple's impressive 59.53 billion USD in fiscal 2018 thereby taking first spot.
Saudi Aramco made its financial information available in a prospectus for a $10 billion bond sale, which the company plans to use to finance a nearly $70 billion stake in Saudi Arabia's petrochemicals company whose chairman is crown Prince Mohammed bin Salman.

The crown prince wants to diversify Saudi Arabia’s economy as a way of cutting its great dependence on oil and gas revenue. The sovereign wealth fund has been investing in technology companies like Uber and Tesla as a way of doing so.

Story source: CNBC - Aramco report
Story source: NYTimes - Aramco report