RIYADH — Saudi energy giant Aramco said on Monday its first half net income for 2019 slipped nearly 12 percent to $46.9 billion.

The news also coincided with an announcement by India's Reliance that it had agreed to sell a 20-percent stake in its oil and chemicals business — worth $15 billion — to Aramco, a deal that would potentially boost the Saudi giant's valuation ahead of an IPO.

Reporting its revenue, Aramco said in a statement: "The company's net income was $46.9 billion for the first half (of) 2019, compared to $53.0 billion for the same period last year."

It is the first time the company has published half-year financial results as it prepares to raise funds from investors.

The company is slated to hold its first-ever earnings call later on Monday, giving investors a chance to discuss the results with Aramco's management in another step toward greater transparency.

"Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow underpinned by our consistent operational performance, cost management and fiscal discipline," Aramco CEO Amin Al-Nasser was quoted as saying in the statement.

Analysts say record demand for a $12-billion debut international bond launched this year has propelled the world's top oil exporter to speed up efforts to float the company.

Saudi Arabia plans to sell up to five percent of the world's largest energy firm and hopes to raise up to $100 billion based on a $2 trillion valuation of the company.

The preliminary deal with Reliance, which the Indian giant hailed as the "biggest foreign investment" in its history, underscores Aramco's efforts to diversify its operations and boost its valuation.

"(There is) an effort to generate buzz about the company's success and potential valuation," Ellen Wald, author of the book "Saudi Inc.", said.

The planned IPO forms the cornerstone of a reform program envisaged by Crown Prince Muhammad Bin Salman to wean the Saudi economy off its reliance on oil.

Saudi Arabia has taken a number of key procedures in preparation for the IPO, including issuing a law for hydrocarbons tax, appointing a new board for Aramco and allowing an independent auditing of the Kingdom's oil reserves.

In April, Aramco revealed it made the world's biggest corporate profit last year, opening its accounts for the first time.

Aramco posted a net profit of $111 billion in 2018 — far higher than the combined net earnings of the five international oil majors — and generated $356 billion in revenues.

Aramco also dethroned Apple as the world's most profitable firm. Last year, the US tech giant posted nearly $50 billion in net profits. — AFP