For some time now, the top companies in the world have always been from the United States. Each year, whenever companies are being rated, it always looked like the top 5 spots are always reserved for United States companies. The likes of Apple, Microsoft, Google, Amazon, Tesla etc. have developed the culture of staying on top of the charts. This has looked normal for a while now, leaving you with questions like; what are the companies in the other countries doing?
President and CEO of Saudi Aramco Amin Nasser (L) and Aramco’s chairman Yasir al-Rumayyan.
Well, the United States as a country sits at the top as the world’s largest economy with GDP of about $22 Trillion. The country has also developed a business-friendly environment. This opens up the space for innovations, entrepreneurship and investment. There is a lot of different factors that has contributed to the tremendous success of the US companies. However, we have an unexpected intruder.
If any other company could join the US companies at the very top, most people expected the company to be from China. But surprisingly, the company is a Saudi Arabian company. It goes by the name Saudi Aramco. A state-owned oil and gas company that was founded in 1933.
Saudi Aramco has become the second largest company in the world. It has overtaken Microsoft and coming in just behind Apple. The Saudi Arabian oil company now has a value of $2.11 trillion (7.92 trillion Saudi riyals). This valuation followed Crown Prince Mohammed Bin Salman’s announcement earlier this month. Regarding the transfer of four per cent (4%) of Aramco shares to Sanabil Investments. This investment firm is wholly owned by the Saudi Public Investment Fund. The company’s shares rose to 36 riyals ($9.60) on Wednesday, according to the Al-Arabiya.net website.
SAUDI ARAMCO MAY SOON OVERTAKE APPLESaudi Aramco
In 2022, Saudi Aramco made its highest-ever profits since being listed. Its profits increased by 46.5 per cent to 604 billion riyals ($161 billion), compared to 412.4 billion riyals ($109 billion) in 2021. Aramco is currently the most profitable company in the world. The ranking on the Companies Market Cap website revealed its huge profit. Its profits for 2022 surpassed the combined profits of Apple, Microsoft and ExxonMobil. Yes, you read it right, it surpassed all three of them combined.
In a recent report, Fitch Ratings upgraded Saudi Aramco’s rating to A+ with a stable outlook. The oil industry has faced a lot of challenges over the past year. Despite all this, Aramco has continued to perform well. Its value and profits are a testament to its success and the strength of the Saudi Arabian economy.
As the company continues to grow and expand, it will be interesting to see how it maintains its position. Looking at the pace of its growth, it is very easy to predict that Saudi Aramco will finally sit on top of Apple.
