Saudi Aramco has displaced Microsoft to become the world’s second-largest company by market value at $2.11 trillion following the company’s stock prices hitting 36 Saudi Riyals ($9.6) late Wednesday.
Still on top was Apple enjoying an estimated market value of $2.6 trillion, with Microsoft relegated to third place at $2.05 trillion. According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Saudi Crown Prince Mohammed bin Salman shared the news of the transfer of 4 percent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).
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Aramco achieved, in 2022, the highest profits since the listing, up by 46.5 percent, to reach 604 billion Saudi riyals, compared to 412.4 billion Saudi Riyals in 2021. Saudi Aramco is the undisputed most profitable global company with total 2022 profits exceeding those of “Apple”, “Microsoft” and “ExxonMobil” combined.
The rise of Aramco’s shares also coincided with the rise in crude oil prices, the increase in the company’s sales volumes, the significant increase in profit margins from the refining and chemicals business, as well as the decline in US crude stocks, despite the pessimistic global economic outlook.
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