Sunday, May 22, 2022

Saudi Aramco replaced Apple and becomes world’s most valuable company 

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Saudi Aramco replaced Apple and becomes world’s most valuable company, According to sources, Saudi Aramco, the world’s most valuable firm, eclipsed Apple, the American IT juggernaut.

The largest oil-producing corporation in the world, Saudi Arabian Oil Company, was valued at $2.464 trillion, while Apple was valued at $2.461 trillion.

Microsoft ($1.978 trillion) came in third, followed by Alphabet ($1.485 trillion) and Amazon ($1.106 trillion).

Saudi Aramco’s stock rose to 46.20 riyals on the Saudi Exchange as oil prices rose (Tadawul).

According to a source, Apple became the first firm to reach the $3 trillion barrier earlier this year, making it the most valuable company on the planet.

After a record first public offering in 2019, which boosted its valuation to $2 trillion, Aramco also claimed the title.

Saudi Aramco stock has risen 27% this year, while Apple’s price has dropped more than 17% since January.

Saudi Aramco released its full-year financial results for 2021 in March, claiming that net income had more than doubled year over year to $110.0 billion. Aramco announced a $18.8 billion fourth-quarter dividend to be paid in the first quarter of 2022.

In 2021, Aramco’s net income climbed by 124 percent to $110.0 billion, up from $49.0 billion in 2020. Higher crude oil prices, improved refining and chemicals margins, and the consolidation of Saudi Basic Industries Corporation’s full-year results all contributed to the increase in net income, according to the company.

Despite the obstacles posed by COVID-19, Aramco maintained its outstanding track record of supply reliability by providing crude oil and other products with 99.9% reliability in 2021, according to the firm. This was Aramco’s second consecutive year of success.

“We recognize that energy security is paramount for billions of people around the world,” Aramco President & CEO Amin H. Nasser said in March, “which is why we continue to make progress on increasing our crude oil production capacity, executing our gas expansion programme, and increasing our liquids to chemicals capacity.”

“We’re also investing in carbon capture and storage, renewable energy, and low-carbon hydrogen generation to help accelerate the global energy transition and achieve our net-zero goal.”

Saudi Aramco dates back to 1933, when Saudi Arabia and the Standard Oil Company of California signed a Concession Agreement. According to the company’s website, a subsidiary called the California Arabian Standard Oil Company was formed to manage the arrangement.

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