Aramco is close to removing Apple from its throne, as the largest global company by market value.
This comes after Aramco’s stock rose more than 2% during trading today, Sunday, touching 46 riyals, its highest level since the listing.
Several factors have contributed to supporting Aramco’s stock recently, on top of which is the strong rise in oil prices.
Aramco is one of only 3 global companies, whose value exceeds two trillion dollars, as Microsoft joins the global duo,
It is also the only company outside the United States among the top 8 companies by market capitalization.
On the other hand, Aramco already leads the international companies in the most profitable index,
its profits amount to about 208 billion dollars, compared to 120 billion dollars for its closest competitor (Apple).
Saudi Aramco, the Saudi Arabian oil company, announced a 124.4 percent increase in annual net profit in 2021.
Higher crude oil prices, the consolidation of SABIC’s full-year business results, and the large increase in profit margins in the refining and chemicals businesses all contributed to this increase.