Saudi Aramco Tops Forbes 100 Mideast Ranking

Saudi Aramco has retained the top spot in Forbes Middle East’s Top 100 listed companies for 2024, with $660.8 billion in assets and $1.9 trillion in market value.

The ranking comes just days after Aramco announced a $11 billion stock sale.

Moreover, on June 9, the energy giant revealed that it allocated 0.73 percent of its total shares to international investors after its secondary offering.

“To construct the list, Forbes Middle East collected data from listed stock exchanges in the Arab world and ranked firms based on their reported sales, assets, and profits for the 2023 financial year, along with market value as of April 26, 2024,” said Forbes in a press statement.

It also added: “Each metric was given equal weight, and companies with the same final scores were given the same rank. Companies that had not disclosed their 2023 audited financial statements as of April 26, 2024, were excluded.”

Aramco’s Strategic Investments, Financial Growth

“In January, Aramco and Rongsheng Petrochemical announced their plans to buy stakes in each other’s units. In the same month, the energy giant also allocated an additional $4 billion to its global venture capital arm, Aramco Ventures, increasing its total investment allocation to $7 billion,” said Forbes.

The banking and financial services sector leads the list, featuring 45 banks with $223.5 billion in revenue.

The energy sector made the most profit, with a total of $127.5 billion.

Finally, the energy giant revealed that its net profits reached $27.27 billion in the first quarter of this year. It represents a 2.04 percent increase compared to the last three months of 2023 in May.

In April, a report by UK-based Brand Finance revealed that Saudi Aramco remained the Middle East’s most sought-after brand, valued at $41.5 billion.

Brand Finance said that Saudi Aramco is still the most valuable brand in the region, despite a 8% drop in its value. This was because oil prices fell and sales fell.

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