Aramco Reports 2018 Net Income of $111.1 Billion

An Aramco oil tank is seen at the production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia, May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

Dammam: Asharq Al Awsat

07:01-13 June 2019 AD ـ 10 Shawwal 1440 AH

Dammam: Asharq Al Awsat

07:01-13 June 2019 AD ـ 10 Shawwal 1440 AH

Aramco Reports 2018 Net Income of $111.1 Billion

An Aramco oil tank is seen at the production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia, May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

Saudi Aramco reported on Wednesday a net income attributable to shareholders of $111.1 billion in 2018, up from $75.9 billion the year before, according to a statement from the company.

Aramco said total revenues were at $355.9 billion in 2018, up from $264.2 billion, as oil prices improved. Total assets jumped to $358.9 billion in the same period, from $294 billion in 2017.

In April, Aramco got its first-ever credit ratings following 2018 earnings that dwarfed those of international oil majors.

Credit rating agency Fitch said in April that Aramco generated earnings before interest, tax and depreciation (EBITDA) of $224 billion last year, surpassing ExxonMobil, the world's largest listed oil firm.

On April 10, Aramco said that it raised $12 billion from its debut international bond issue, which was split into five tranches. The bonds have maturities ranging from three to 30 years.

Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)

09:20-24 December 2024 AD ـ 23 Jumada Al-Alkhirah 1446 AH

Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks employees, union members and supporters strike outside of a Starbucks store which is closed down due to the strike on December 23, 2024 in New York City. (Getty Images/AFP)

A strike at Starbucks' US stores will expand to over 300 stores on Tuesday, with more than 5,000 workers expected to walk off the job, before the five-day work stoppage ends later on Christmas Eve, the workers' union said.

Starbucks Workers United, representing employees at 525 stores nationwide, said more than 60 US stores across 12 major cities, including New York, Los Angeles, Boston and Seattle, were shut on Monday.

Talks between Starbucks and the union had hit an impasse with unresolved issues over wages, staffing and schedules, leading to the strike.

The Christmas Eve strike on Tuesday was projected to be the largest ever at the coffee chain, the union added. "These strikes are an initial show of strength, and we're just getting started," an Oregon barista said in a union statement.

When asked for a response, a Starbucks spokesperson referred to a company statement it released on Monday.

It said that the vast majority of Starbucks stores will continue to operate and serve customers, adding that it expects a "very limited impact" to overall operations. Starbucks has over 10,000 company-operated stores across the US.

"We are ready to continue negotiations when the union comes back to the bargaining table", the company said.

The Seattle-headquartered firm had previously claimed that the union delegates prematurely ended the bargaining session.

Earlier this month, the workers' group rejected an offer of no immediate wage hike and a guarantee of a 1.5% pay increase in future years.

The union also said that Starbucks has yet to present its workers with "a serious economic proposal."

Aramco Reports 2018 Net Income of $111.1 Billion

Aramco Reports 2018 Net Income of $111.1 Billion

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Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

Starbucks Strike to Expand to over 300 US Stores on Christmas Eve, Union Says

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