Saudi Aramco became the first company to report more than $100 billion in annual net income.
Saudi Aramco reported net income of about $111.1 billion for 2018, according to figures released before its public listing. The result placed the state-controlled oil producer among the most profitable companies ever reported and exceeded the annual profits commonly associated with the largest technology companies at that time.
Oil prices, production levels, refining operations, and the company’s enormous reserves all affect Saudi Aramco’s earnings. Because the business is integrated across exploration, production, refining, and chemicals, it has several revenue sources within the energy industry.
This record concerns annual net income, not market capitalization or revenue. Those measures are different: market capitalization is an equity valuation, revenue is money generated from sales, and net income is profit after expenses and other charges.