Saudi Aramco’s profit drops 12%. It’s still making more money than any other company

Saudi Aramco said Monday that its profit dropped 12% in the first half of its financial year to $46.9 billion due to weaker global oil prices.

The rare financial disclosure coincides with renewed interest in a potential initial public offering by Saudi Arabia’s state oil producer, and bolsters its status as the world’s most profitable company. Apple, for comparison, generated profit of $31.5 billion in the first six months of its financial year.

The Saudi company said it produced 10 million barrels of crude oil per day on average, delivering “near 100% delivery on our customers’ requirements for oil and refined products.” It attributed the smaller profit to lower oil prices.

Aramco has been more public about its finances recently as Saudi officials consider whether to list shares in the company in order to fund projects that could wean the economy off its addiction to oil.

An IPO that was planned for 2018 never materialized. A lack of transparency over the size of the country’s energy reserves had caused skepticism about the potential sale and the value of Aramco.

But plans for a public listing as early as next year are now being accelerated following positive investor reaction to a bond sale in April, according to the Wall Street Journal.

The huge company shared its earnings publicly for the first time in April. It reported $111 billion in annual net income for 2018 on revenue of $356 billion.

Saudi Arabia’s vast energy reserves have also been independently audited and shown to total 268.5 billion barrels.

Aramco will hold its first-ever earnings call later on Monday.