2018 was the year in which Apple became the first public company in history to reach a valuation of $1 trillion. Many articles and listicles have listed Apple as the world’s most profitable company at various points in its existence.
But is it? Based on the last year, the answer is no. Not even close. In 2018, Apple’s $59.53 billion in net income was dwarfed by the $111 billion made by state-run Saudi oil giant Saudi Aramco.
In data published as part of a $10 billion bond sale, Saudi Arabia’s oil giant revealed just how much money it made. To put its $111 billion in further perspective, it’s more than J.P. Morgan Chase, Alphabet, Facebook and Exxon Mobil’s profits put together. This is one of the few times that Aramco has opened its books to scrutiny.
Things aren’t necessarily quite as stable as Apple’s business, however. While Apple, despite the odd dip, goes from strength to strength, Aramco’s fortunes rise and fall with the oil price. For example, in 2016 the company reported just $13.3 billion in net income. That year, Apple made $45.69 billion.