SAUDI ARABIA’s state oil company was revealed to be the world’s most profitable business today. 

A Moody’s Investors Services assessment published yesterday showed that Saudi Aramco’s net profits reached $111 billion (£85.1bn) last year on revenues of £273.1bn.

The company’s profits are four times higher than its polluting rivals Shell (£17.6bn) and ExxonMobil (£16.1bn), and significantly higher than tech company Apple (£46bn), whose products contain coltan extracted from mines in the conflict-torn Democratic Republic of Congo.

Moody’s said the fossil fuel giant pulled in $355.9bn in revenue last year and produced 10.3 million barrels of crude oil a day, most of which needs to stay in the ground if a reduction in global carbon emissions is to be achieved. 

Saudi Aramco’s prospectus – which was filled yesterday and provided the public with a first look at the secretive company’s finances – revealed that the firm fears climate change activism. 

Many factors outside of the company’s control affect the demand for and the sale price of its polluting product, the prospectus admits.

“Climate change concerns and impacts could reduce global demand for hydrocarbons and hydrocarbon-based products and could cause the company to incur costs or invest additional capital,” the prospectus reads.

The recent trend of environmentalist groups and individuals taking successful legal action against government policy and private oil and gas companies’ ecologically disastrous actions also have the company worried.  

“Litigation could result in substantial costs, require the company to devote substantial resources and divert management attention, which may have a material adverse effect on the company’s business, financial condition and results of operations.”

Greenpeace Middle East and North Africa campaigner Julien Jreissati said the Saudi government should invest its profits into transitioning its energy system towards renewable energy.

“While oil has undoubtedly contributed in leapfrogging the kingdom into the modern era, costs on the environment and climate, not factored in Aramco’s balance sheet, are increasingly becoming unbearable,” Jreissati said. 

“It is time for Saudi Arabia to look up to the sky where its true wealth resides. The sun can be the engine that drives the kingdom’s future prosperity.”

The UN’s Intergovernmental Panel on Climate Change warned last October that the planet only has 12 years in which to prevent global temperatures from rising above 1.5°C and prevent climate change from spiralling out of control. The planet is currently on course to rise above 3°C.