Aramco is on the verge of overtaking Apple … the most valuable company in the world

Aramco is close to removing Apple from the throne as the largest global company by market value.

This comes after Aramco shares rose more than 2% during trading today, Sunday, hitting 46 riyals, the highest level since the listing.

Several factors have recently helped to support Aramco stock, in addition to the sharp 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, reducing the gap to Apple to just $ 100 billion, as the iPhone maker leads global companies in terms of market value of $ 2.545 trillion.

Aramco is one of only 3 international companies worth more than two trillion dollars, as Microsoft joins the global duo, and is the only company outside the United States among the 8 largest companies by market value.

On the other hand, Aramco already leads international companies in the most profitable index, in how much its profits amount to approximately 208 billion dollars before interest, taxes, depreciation, compared to 120 billion dollars of its closest competitor (Apple).

Saudi Aramco stock was at 45.45 riyals on March 7, having recorded 46 riyals during the session for the first time since its listing in December 2019.

Saudi Arabian oil company “Saudi Aramco” announced that it has achieved a leap in annual net profit for the year 2021 of 124.4%.

The company said its net profit was 412.4 billion riyals last year, up from 183.76 billion riyals in 2020.

This increase primarily reflects the impact of rising crude oil prices, the consolidation of SABIC’s full-year business results, and the significant increase in the profit margins of the refining and chemicals businesses.

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