Last week, Saudi Aramco surpassed Apple as the world’s most valuable company in the world. Aramco’s market valuation was just under $2.43 trillion when they surpassed Apple, which dropped 5% during trading last week and now has an evaluation of $2.37 trillion.
Apple topped Aramco for title of world’s most valuable publicly traded company in 2020. This year alone, Apple stock has fallen nearly 20% in value while Aramco’s is up over 27% due to surging oil prices. The Saudi Arabian oil giant’s net income has continued to increase since 2020 when they reported $49 billion to $110 billion in 2021. For the first quarter of 2022, they recorded a profit of $39.5 billion which is the largest quarterly profit since they went public three years ago. In addition to higher crude oil prices, Aramco has also cited stronger refining and chemical margins as well as consolidating of its chemicals business SABIC as reasons for their rebound from 2020 to present day.
Expectations surveyed by Reuters has Aramco forecasting net income of $109.7 billion for the full 2022 year. As stated by Aramco CEO Amin Nasser, “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders.”