Saudi Aramco announces plan to go public

RIYADH, Nov. 3 (Xinhua) — Saudi Oil Company “Aramco” announced on Sunday its intention to proceed with an initial public offering on Saudi Stock Exchange (Tadawul), Al Arabiya TV reported.

Aramco will float 2 percent of the company during its first phase of going public, the report said.

It also revealed that Aramco reported a net income of 68 billion U.S. dollar in the first the nine months of 2019, while the company’s revenues related to sales stood at 244 billion dollars for the same period.

The Saudi company reported a profit of 111.1 billion dollars for 2018 and 46.9 billion dollar for the first half of 2019.

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