Trending Now
02 May 2023. Tuesday
KUALA LUMPUR (May 2): Saudi Aramco is now the world’s second largest company in terms of value, overtaking Microsoft and behind Apple, according to Middle East Monitor (MEM).
The company has been valued at US$2.11 trillion (RM9.42 trillion), it said.
Citing the Al-Arabiya.net website last week, MEM said the company’s shares went up to US$9.60 on Wednesday.
It said the rise followed Crown Prince Mohammed Bin Salman’s announcement earlier this month about the transfer of 4% of Aramco shares to Sanabil Investments, which is wholly owned by the Saudi Public Investment Fund.
In 2022, Aramco achieved its highest-ever profits since being listed, up by 46.5% to 604 billion riyals (US$161 billion), compared with 412.4 billion riyals (US$109 billion) in 2021.
Aramco is the most profitable company in the world.
MEM said Aramco’s profits for the year 2022 exceeded the profits of Apple, Microsoft and ExxonMobil combined, according to the ranking on the Companies Market Cap website.
In a recent report, Fitch Ratings upgraded Saudi Aramco’s rating to A+, with a stable outlook.
