Nationalized, crown or state-owned corporations are still corporations. The fact that they get large govt. subsidies or discounts (if they do, some don't) is part of the deal. Nationalized corporations also have their downsides like frequent government/bureaucratic interventions that make no business sense and having to fork a lot of revenue for governmental purposes when needed. You can find a lot of nationalized corporations that don't do so well or are essentially failing.

As quoted: “Aramco is wholly-owned by the state and is expected to remain largely under government ownership even after any potential IPO in the future,” Akbar added. “While there is a clear track record of Aramco having been run as a commercially independent company, the government’s budget is highly reliant upon contributions from Aramco in the form of royalties, taxes and dividends.” in below article:

https://www.cnbc.com/2019/04/01/saudi-aramco-made-111-billio...