Saudi Aramco is now the world’s second largest company in terms of value, overtaking Microsoft and behind Apple. The company has been valued at $2.11 trillion (7.92 trillion Saudi riyals).
According to Al-Arabiya.net website, the company’s shares went up to 36 riyals ($9.60) on Wednesday. The rise followed Crown Prince Mohammed Bin Salman’s announcement earlier this month about the transfer of four per cent 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 per cent to 604 billion riyals ($161 billion), compared with 412.4 billion riyals ($109 billion) in 2021.
Aramco is the most profitable company in the world. Its 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.