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Saudi Aramco surpasses Apple as the best company in the world

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The technology giant and iPhone maker Apple has been replaced as the world’s most expensive company.

As the company’s share price has fallen dramatically in recent weeks, Apple is still worth $2.37 trillion (about €2.3 trillion). Saudi Arabian oil company Saudi Aramco is ahead of Apple in terms of market capitalization for the first time since 2020. Current value of the group: $2.42 trillion (€2.35 trillion).

At the beginning of the year, Apple was worth about $3 trillion more than the Saudi multinational oil company by $1 trillion.

The reason: While Saudi Aramco benefits from higher oil prices, technology stocks like Apple have collapsed in recent weeks, in part due to interest rate hikes by the US Federal Reserve. Apple also recently warned of the impact of billions from China’s radical non-proliferation policy, both for supply chains and for demand.

On the other hand, the giant oil company, Saudi Aramco, recently reported doubling its institutional profits last year! The group justified its success by recovering global oil demand after the Corona pandemic. Since then, Vladimir Putin’s invasion of Ukraine has once again increased demand.


Amin Nasser has been the CEO of Saudi Aramco since 2015Foto: REUTERS

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Amin Nasser has been the CEO of Saudi Aramco since 2015Photo: Reuters

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Saudi Aramco has American roots

Saudi Aramco is the world’s largest oil company, headquartered in Dhahran, Saudi Arabia. The Aramco name is an acronym for “Arabian American Oil Company” and dates back to before 1972, when the company was still largely in the hands of American oil companies. Between 1972 and 1980, Aramco was nationalized by the government of Saudi Arabia.

In 2019, the group listed 1.5 percent of its company’s shares on the stock exchange, acquiring €23.1 billion. It was the largest public offering in history. The remaining 98.5 percent of the shares, so the majority of the company belongs to the Gulf state of Saudi Arabia. Saudi Aramco employs approximately 60,000 people worldwide.

The group benefits from favorable oil production conditions in Saudi Arabia, which is why it regularly announces scandalous profits: in 2021, Saudi Aramco made a net profit of 110 billion US dollars (105 billion euros).

For comparison: Volkswagen Motors made a profit of 15.5 billion euros last year …

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