Saudi Aramco Becomes World’s Most Valued Company; Surpasses Apple

The market value of Saudi Arabia’s Aramco, the world’s largest oil business, has overtaken that of Apple, making Aramco the most valuable firm on the planet.

This came after the company’s share price increased to 46.20 riyals, boosting the market value to $2.464 trillion (9.24 trillion riyals), compared to $2.461 trillion for Apple.

According to Bloomberg, Apple’s market worth peaked on January 4 at $2.960 trillion, but it has been on a downward trend since then, dropping about $484 billion, while Aramco’s prospects have been boosted by rising oil prices.

Saudi Aramco is set to release its financial results for the first quarter of 2022 on Sunday, May 15, with expectations of making significant profits thanks to high oil price advances since the beginning of the year, which have accelerated since Russia’s invasion of Ukraine.

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Due to the volatility in oil prices, the Saudi company’s shares continue to acquire value, and a date for the delivery of free Aramco shares to its shareholders has been determined.

Because of the spike in oil prices, the Saudi company’s profits in 2021 reached their highest level since its debut on the Saudi financial market.

In 2021, net profit was 412.4 billion riyals ($109.95 billion), up 124.4 percent from the previous year.

Aramco announced cash dividends to shareholders of 70.33 billion riyals ($18.75 billion) for the fourth quarter of 2021, as well as a board of directors recommendation to capitalise 15 billion riyals ($4 billion) of the remaining profits and issue each 10 share a bonus share.

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