January 27, 2023

Dubai Week

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Aramco has a market capitalization of $ 2.464 trillion

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The market value of Saudi Aramco, the world’s largest oil company, rose 9.24 trillion riyals ($ 2.464 trillion) during trading on Sunday, with its share price rising 81.8 percent to 148 billion riyals, following a rise of 42 riyals yesterday. The first quarter of 2022.

As a result, Aramco, the world’s largest company, surpassed the market value of the US company, Apple, by about $ 83 billion, reaching $ 2.381 trillion. Last week, according to the “Sabq” electronic newspaper.

Earlier today, Saudi Aramco announced its financial results for the first quarter of 2022, recording a 82% year-on-year increase in net income, which rose to 148.0 billion Saudi riyals ($ 39.5 billion), setting a record for the quarter. Profit from its initial public offering in 2019.

Saudi Aramco announced a dividend of 70.3 billion Saudi riyals ($ 18.8 billion) in the first quarter of 2022, agreed to pay in the second quarter and to distribute one bonus share for every 10 shares owned by the company. These results are supported by rising crude oil prices and sales volumes and improvements in the profit margins of the refining, processing and marketing business.

Ingi, Chairman and CEO of Saudi Aramco, commented on the results. Amin bin Hassan Al-Nasser said: “Last year’s results were very good at the financial and operational levels and the company continued its progress, achievements and connections. With the markets, the results of the first quarter of this year came at an exceptional level. This is the strongest quarterly profit since the company’s initial public offering in 2019. In fact, it is one of the strongest quarterly earnings worldwide.

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He added: “Saudi Aramco continues to focus on meeting the global demand for reliable energy, while continuing to increase the level of sustainability, and considering the vital importance of energy security, the company is increasing its production capacity by implementing long-term investments. Oil and gas to create long-term value for shareholders and meet expected growth in demand.

Saudi Aramco has benefited from the rise in oil prices this year and the recent trade of over $ 100 a barrel, while Apple has been hit hard by the revision of US markets, especially the international expansion of technology companies that have made significant improvements in their prices along with the Corona.

Microsoft comes in behind the two companies with a market value of $ 1.953 trillion.