Aramco's profit ‘dwarfs’ earnings of 163 Saudi stocks: report

State oil giant Saudi Aramco’s net income for 2018 is almost four times higher than the combined profits of 163 companies listed on the Tadawul, Bloomberg reported.

The oil giant’s $111.1 billion profit dwarfs the $28.4 billion combined net income for the companies traded in Riyadh, according to Bloomberg data.

The 163 companies represent more than 80 percent of the stocks traded in Riyadh and are the firms whose earnings had been analyzed as of Monday.

The listed company that generated the kingdom’s largest profit last year was Saudi Basic Industries Co. (SABIC). Aramco is purchasing a 70 percent stake in SABIC from the Public Investment Fund for $69 billion.

SABIC is the biggest company trading in Saudi Arabia by market value, and posted net income of almost $6 billion for 2018, the report said.