Riyadh, (Business News Report)|| Saudi Aramco topped the world’s most valuable companies, overtaking Apple, as the Aramco share price reached 46.10 riyals during trading in the Saudi stock market.
Apple lost more than $200 billion of its market value in three days, falling to $2.461 trillion. Meanwhile, Saudi Aramco shares rose, their value exceeded $2.464 trillion, according to Bloomberg calculations.
Apple’s market capitalization peaked on January 3 at $2.945 trillion, but it has been on a downward trajectory since then, losing $484 billion.
Higher oil prices supported Aramco’s prospects.
Aramco is scheduled to announce its financial results for the first quarter of 2022 next Sunday, in light of expectations of achieving strong profits, taking advantage of the strong oil price gains since the beginning of this year, which increased its pace since the Russian war in Ukraine.
The profits of Saudi Aramco rose for the year 2021 to the highest level since its inclusion in the Saudi financial market, due to the rise in oil prices, the consolidation of the results of SABIC business for a full year, in addition to a significant increase in the profit margins of the refining and chemicals business.
The net profit amounted to 412.4 billion riyals for the past year, a growth of 124.4 percent compared to 2020, and Aramco announced the distribution of cash dividends to shareholders of 70.33 billion riyals for the fourth quarter of 2021, in addition to a recommendation by the Board of Directors to capitalize 15 billion riyals of retained earnings and grant a share Free for every 10 shares.
Saudi Aramco is one of three global companies worth more than $2 trillion, along with Microsoft and Apple.
It is also the only company outside the United States among the top six companies by market capitalization.
Aramco is ahead of everyone in Tripp in market value, as Microsoft recorded $2.05 trillion dollars, Alphabet is worth $1.5 trillion, and Amazon is worth $1.16 trillion. Tesla remained last, with a market value of $896.8 billion.