In December 2019, Saudi Aramco made its much-anticipated debut on the Saudi Stock Exchange, becoming the world’s largest initial public offering on record. It reached a market capitalization of $2 trillion just days after its listing. The company’s landmark IPO showcased what many have long suspected: Aramco, the most profitable company in the world, netted $88 billion in total profits last year. In 2020, the company has reckoned with an oil crash amid the pandemic, but rising demand in China and hopes of a limited second wave of the pandemic had Aramco Chief Executive Amin Nasser believing in June that “the worst" is behind the company.
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