Saudi Aramco today announced its half-year revenue for the first time in its history, noting its decline in the first half of 2019.
In a rare announcement of its financial results, the company said in a statement that the company's net revenues amounted to $ 46.9 billion for the first half of 2019, compared to $ 53 billion for the same period last year.
The decline in revenues of the giant company, due to lower oil prices, amid speculation that the company is preparing to put its shares for public subscription.
This came as Reliance announced that it had agreed to sell a 20% stake in its oil and chemical business worth $ 15 billion to the Saudi oil giant.
The Saudi firm said the deal was still "at very early stages." The statement did not mention the IPO plan.
`` Despite the decline in oil prices during the first half of 2019, we continued to achieve strong profits and free cash flows, supported by our ability to maintain our operational performance levels, expense management and financial discipline, '' the statement quoted Aramco Chairman Amin Nasser as saying.
This is the first time the company has announced its half-year results.
The move comes after Aramco opened its books for the first time since its nationalization 40 years ago, with international rating agencies Fitch and Moody's in April as part of its preparations to raise funds from investors.
Aramco made a net profit of $ 111 billion last year, surpassing the top five global oil companies and generating $ 356 billion in revenue.
It also overtook Apple to be the most profitable company in the world. The US technology giant's net profit was $ 50 billion last year.
Aramco estimates proven oil reserves at 227 billion barrels and hydrocarbon reserves at 257 billion barrels of oil equivalent, enough for more than half a century, a high and comfortable level, according to Fitch.