Riyadh — Saudi Aramco revealed Monday it made the world's biggest corporate profit last year.

International ratings agencies Fitch and Moody's got rare access to Aramco's accounts which show the firm posting billions in profits.

It comes as Aramco prepares to sell bonds on the international market to help finance the purchase of a 70-percent stake in Saudi petrochemical behemoth SABIC for $69.1 billion, effectively merging the kingdom's two largest companies.

Moody's Investors Service said Aramco posted a net profit of $111.1 billion in 2018 -- far higher than the combined net earnings of the five international oil majors -- and generated $359.9 billion in revenues.

Last year US oil giants Chevron and Exxon Mobil, Britain's BP, Anglo-Dutch rival Royal Dutch Shell and France's Total together posted nearly $80 billion.

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

Fitch Ratings, which also saw the accounts, said Aramco reported $224 billion in earnings before tax and depreciation, while maintaining low debt levels.

Both Fitch and Moody's gave state-owned Aramco a credit rating of just A+ and A1 respectively, with a stable outlook.

Based on its finances, massive hydrocarbon reserves and low production cost, its stand-alone rating would have been a top AA+ on an equal footing with international oil companies, Fitch said.

"Saudi Aramco has many characteristics of a Aaa-rated corporate (top rating), with minimal debt relative to cash flows, large scale of production, market leadership and access in Saudi Arabia to one of the world's largest hydrocarbon reserves," said Rehan Akbar, vice president at Moody's.

Moody's said that considering Aramco has a substantial cash flow generation capacity, it can fund the SABIC deal without the need to borrow.

"This acquisition will strengthen the company's business profile given that downstream assets typically provide countercyclical cash flow benefits," it said in reference to the volatility of oil prices.

Moody's said Aramco's average daily crude oil production last year was 10.3 million barrels, around 1.7 million barrels below its maximum sustainable output capacity.

Aramco estimates its proven oil reserves at 227 billion barrels and its total hydrocarbon reserves at 257 billion barrels of oil equivalent, which implies a reserve life of 52 years -- a comfortable level by international standards, Fitch said. — AFP