Aramco, an oil company owned by the Kingdom of Saudi Arabia has overtaken Apple Inc. as the world’s most valuable company. In line with the website siasat, Because of rising oil prices and the ongoing conflict in Ukraine, the company’s market share reached 46.20 riyals ($12.33) per share.
As of the time of this writing, Aramco had a market capitalization of 9.24 trillion riyals ($2.464 trillion), making it worth $3 billion more than the technology giant Apple Inc.
Apple’s market value peaked on January 4 at $2.960 trillion, boosted by rising demand and rumors of new product introductions, but it has since fallen, losing nearly $484 billion, a decline that may be linked to rising inflation and a Fed rate hike.
On Sunday, May 15, 2022, Saudi Aramco will present its planned Q1 financial results in Riyadh, Saudi Arabia, where it began commercial drilling for oil in 1938 in Well No.7. Saudi Aramco has given strong indications that it will announce a higher-than-expected profit margin due primarily to rising oil prices.
Following the rise in oil prices, many investors were taking a closer look at the company’s stock before this. The company’s stock price followed London Brent and West Texas Intermediate at $120/barrel and $112/barrel, respectively.
Due to the increase in oil prices, Aramco’s profit has risen to its highest level since it was included in the Saudi financial market
Its net profit for the full year of 2021 increased by 124.4% from its 2020 figure, closing at 412.4 billion riyals (approximately $109.95 billion) in 2021, according to financial statements.
For many investors, profit growth and anticipated shareholder returns are driving the company’s market value much higher. There was a cash dividend of $18.75 billion distributed to shareholders in the fourth quarter of 2021 of 70.33 billion riyals (about $18.75 billion).
