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Saudi Aramco likely world's most profitable oil company
(MENAFN) On Friday, Bloomberg reported that Saudi Aramco is the world's most profitable Oil Company, but its huge earnings and cash flows may still fail to justify its desired USD2 trillion valuation.
Bloomberg news agency cited company accounts as saying Aramco had net income of USD33.8 billion in the first six months of 2017 and cash flows of USD52.1 billion.
Aramco said: "This is inaccurate, Saudi Aramco does not comment on speculation regarding its financial performance and fiscal regime."
"The accounts, prepared to the IFRS standard, showed the firm made USD7.2 billion in net income in the first of half of 2016, when crude averaged USD41 a barrel, Bloomberg said.
Saudi Arabia's Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic reform to 2030, wants to raise a record USD100 billion by selling a 5% stake in Aramco on local and foreign exchanges.
Bloomberg news agency cited company accounts as saying Aramco had net income of USD33.8 billion in the first six months of 2017 and cash flows of USD52.1 billion.
Aramco said: "This is inaccurate, Saudi Aramco does not comment on speculation regarding its financial performance and fiscal regime."
"The accounts, prepared to the IFRS standard, showed the firm made USD7.2 billion in net income in the first of half of 2016, when crude averaged USD41 a barrel, Bloomberg said.
Saudi Arabia's Crown Prince Mohammed bin Salman, who has made the Aramco IPO a cornerstone of Saudi economic reform to 2030, wants to raise a record USD100 billion by selling a 5% stake in Aramco on local and foreign exchanges.
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