We all know of at least one company who earns huge profits and also pays taxes in bug numbers. But have you ever heard about a company that pays taxes to the government, which is more than the profits that the company earns?
Yes, you heard that right!
Saudi Aramco, a Saudi Arabian Oil company, based in Dhahran, Saudi Arabia, was found to be the most profitable company on this planet. The company beats giants like Apple and Alphabet with margins you can’t even imagine.
Facts about Saudi Aramco that will blow your mind:
1. Profits
Google’s parent company Alphabet made a profit of $8.9 billion in 2018 and the profits of Apple in the same year was $59.53 billion.
Aramco alone made a profit of $111.1 billion in 2018, revealing its financial details ahead of its debut in the international bonds market. JP Morgan Chase, Facebook and Exxon Mobile’s combined profits even could not beat the profits made by Aramco.
2. Cash Flow from Operations
The cash flow from operations of Aramco was reported to be $121 billion and the capital expenditure of $35.1 billion, which is huge as compared to Alphabet’s operating cash flow which is $47.97 billion with a capital expenditure of $25.14 billion.
It even beats Apple’s operating cash flow which is around $77.43 billion with a capital expenditure of $13.31 billion.
3. Revenue
Apple’s revenue, last year, stood at $265.81 billion and Alphabet’s revenue was reported at $136.96 billion, where Aramco made a revenue of $355.9 billion in the same period.
4. Value
According to the Saudi Crown Prince, Mohammed Bin Salman, the company is valued at $2 trillion, where Apple and Alphabet combined, could not beat Aramco in that value. Apple’s was valued at around $943.53 billion and Alphabet at $838.55 billion.
The Government itself relies on the company!
In 2018, Aramco paid the government $102 billion in income tax. Moreover, it paid royalties of $56 billion apart from the taxes. The Saudi government is heavily dependent on the company for it social and military expenditure. The company also paid the government, in dividend alone, $58.2 billion which is just close to the profit which Apple made.
