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. The stock has gained 28% since the beginning of the year.
The market value of Aramco’s stock reached $2.448 trillion, narrowing the difference with Apple to about $100 billion only, as the iPhone maker leads global companies in terms of market value of $2.545 trillion.
Aramco is one of only 3 international companies whose value exceeds two trillion dollars, as Microsoft joins the global duo, and it is the only company outside the United States among the 8 largest companies by market value.
On the other hand, Aramco already leads the international companies in the most profitable index, as its profits amount to about 208 billion dollars before interest, taxes, depreciation and amortization, compared to 120 billion dollars for its closest competitor (Apple).
Most Valuable Companies – Prices as of last Friday’s close
The Saudi Aramco share was at 45.45 riyals on March 7, after it recorded 46 riyals during the session for the first time since its listing in December 2019.
The Saudi Arabian Oil Company “Saudi Aramco” announced that it had achieved a jump in the annual net profit for the year 2021 by 124.4%.
The company said that its net profit amounted to 412.4 billion riyals last year, compared to 183.76 billion riyals during 2020.
This increase primarily reflects the impact of higher crude oil prices, the consolidation of SABIC’s full-year business results, and the significant increase in profit margins from the refining and chemicals business.