Saudi Aramco becomes world's most valuable company

AFP

3 min read
An employee at the Saudi Aramco oil facility at the plant in Saudi Arabia's Red Sea city of Jeddah, on November 24, 2020.
FAYEZ NURELDINE / AFPAn employee at the Saudi Aramco oil facility at the plant in Saudi Arabia's Red Sea city of Jeddah, on November 24, 2020.

The Saudi Arabian oil giant is valued at $2.42 trillion, surpassing tech giant Apple

Saudi Aramco on Wednesday dethroned Apple as the world's most valuable company as surging oil prices drove up shares and tech stocks slumped.

The Saudi Arabian national petroleum and natural gas company, billed as the largest oil-producing company in the world, was valued at $2.42 trillion.

Apple – the previous world leader – has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.

Oil giant Saudi Aramco recently reported a 124 percent net profit surge in 2021, hours after Yemeni rebels attacked its facilities causing a "temporary" drop in production.

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As the world economy started to rebound from the Covid pandemic, "Aramco's net income increased by 124 percent to $110.0 billion in 2021, compared to $49.0 billion in 2020," the company said.

The kingdom, one of the world's top crude exporters, is under pressure to raise output as Russia's invasion of Ukraine and subsequent sanctions against Moscow roil global energy markets.

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Aramco president and CEO Amin Nasser cautioned that the company's outlook remained uncertain due in part to "geopolitical factors."

"We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity," Nasser said.

A strong rebound last year saw demand for oil increase and prices recover from their 2020 lows.

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