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Sunday, 15 April 2018

Top secret Aramco financials leaked

Dominating global business headlines this morning: Top-secret Saudi Aramco financials have leaked, and it looks like that USD 2 tn MbS is hoping for might be a stretch. Bloomberg claims to have gotten a look at Saudi Aramco’s pro-forma IFRS financials and found it made USD 33.8 bn in profit in the first half of 2017. That could make it the world’s most profitable company: Apple turned in USD 28.9 bn in profits in the same period, while Samsung delivered USD 14.0 bn. The company distributed USD 13 bn in cash dividends to the Saudi state (its only shareholder). The company paid the state USD 58.4 bn, split into USD 18.5 bn of royalties on its revenue and an additional USD 39.9 bn in income taxes. Aramco’s debt-light balance sheet compared with its peers has gotten plenty of attention: It has net debt of just USD 1.3 bn, with total borrowings of USD 20.2 bn offset by cash and cash equivalents of USD 19 bn.

Also getting attention in global business centers:

  • WPP chief Martin Sorrell has stepped down at the world’s largest advertising agency after allegations of misconduct. (CNBC, Reuters)
  • The global economy could be “torn apart” unless countries “steer clear of protectionism,” IMF chief Christine Lagarde says. (Financial Times)

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