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.

IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)

05:33-25 December 2024 AD ـ 24 Jumada Al-Alkhirah 1446 AH

IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)

The International Monetary Fund said on Wednesday it reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the program.

Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8 billion, 46-month facility in March. A sharp decline in Suez Canal revenue caused by regional tensions over the last year compounded its economic woes.

The IMF said Egypt's government had agreed to increase its tax-to-revenue ratio by 2% of gross domestic product over the next two years, with a focus on eliminating exemptions rather than increasing taxes.

This would give it space to increase social spending to help vulnerable groups, the IMF said in a statement.

"While the authorities' plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts," the statement said.

Egypt had agreed to make more decisive efforts to ensure the private sector became the main engine of growth and to sustain its commitment to a flexible exchange rate, the IMF statement added.

The staff-level agreement of the fourth review must still be approved by the IMF's executive board.

Aramco Reports 2018 Net Income of $111.1 Billion

Aramco Reports 2018 Net Income of $111.1 Billion

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IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

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