Rare glimpse into Saudi Aramco shows $224 billion in profit

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Rating agencies have given oil giant Saudi Aramco high ratings ahead of its upcoming bonds sale, with Fitch Ratings saying the company had profits of $224 billion last year before taxes.

Fitch gave it an A+, its first ever such rating for Aramco.

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Moody’s Investors Services gave it an A1 rating and says Aramco reported $355.9 billion in revenue and $111.1 billion in net income last year.

Moody’s also said Monday the firm had $48.8 billion of cash relative to $27 billion of reported debt at the end of 2018.

The agencies’ reports offer a rare glimpse into the state-owned oil firm’s finances ahead of Aramco’s plans to issue a multibillion-dollar bond after it purchased a 70 percent stake in Saudi petrochemical firm SABIC from the kingdom’s sovereign wealth fund.