Aramco Overtakes Apple; First In Profit, Sponsorship Deal With FIFA Soon

JEDDAH: Saudi state oil giant Aramco has become the world’s most profitable company in the last 12 months. Oil refining giant Saudi Aramco’s profit for the period was more than the combined profits of second-placed tech giant Apple and third-placed Berkshire Hathaway.

Meanwhile, Aramco’s net profit for the third quarter to September 30 fell 23% due to Saudi oil production cuts. A minimum of 32.6 billion dollars. Net profit was $42.4 billion at the same time last year.

Oommen Chandy Bhavan: May Naufal’s family rest in peace; At Oommen Chandy’s house

Aramco, the world’s largest oil company by market value and production, is Saudi Arabia’s largest source of revenue. The company is involved in the exploration, production, processing and marketing of oil and natural gas. Aramco’s shares were first listed on the Saudi share market four years ago in what was the company’s largest IPO in history.

45 crore rupees prize for Malayali in UAE; Sreeju said that he will not quit his job and will build a bungalow
Saudi Aramco’s profit was $264 billion in the last 12 months, according to Companies Market. In the four quarters, the Apple company made a profit of $114 billion and Berkshire Hathaway $113 billion. Petrobras, the Brazilian multinational oil company in fourth place, also made a profit of $98.6 billion.

Microsoft is the fifth most profitable company in the list. Microsoft made a profit of $95 billion in the four quarters. Microsoft is the second largest in the world by market value.

World’s first football theme park ‘Real Madrid World’ opens in Dubai
In terms of profit, Google came in at sixth place ($78.8 billion) and Russian company Gazprom at seventh place ($76.8 billion). JP Morgan is also the world’s most profitable financial institution at number eight. American oil company Exxon Mobil is at the ninth position and Industrial and Commercial Bank of China, the world’s largest bank by assets, is at the 10th position.

Meanwhile, Aramco is set to finalize a sponsorship deal with FIFA, The Times reported. The report, citing sources, said that talks are underway for a sponsorship deal till 2034 and the deal is worth $100 million per annum.

The deal would make Aramco the highest-paid sponsor in FIFA’s history. The discussion started after the 2034 FIFA confirmed that Saudi Arabia will have the right to host the World Cup. Aramco currently has major sponsorship deals with Formula One, Women’s Golf Circuit, Cricket World Cup and Indian Premier League.

Subscribe to Gulf Samayam WhatsApp Channel to know the news and features of the Gulf world!