I guess it depends on which numbers you're using. The $111 billion quoted number for net income does not include the $55.6 billion in royalties to the Kingdom t

I guess it depends on which numbers you're using. The $111 billion quoted number for net income does not include the $55.6 billion in royalties to the Kingdom that Aramco records as an expense. Yes, the royal family is the only shareholder and the government, so it's splitting hairs in the sense they're getting the money from those mineral rights, on the other hand its even more money. But if they sold the whole kit and kaboodle last year, whoever owned it would make $111B and the Kingdom would get $55.6B.