The Saudi oil giant “Aramco” displaced the American company Microsoft, to become the second largest company in the world in terms of value, amounting to $ 2.11 trillion (7.92 trillion riyals), after the company’s share reached today, Wednesday, the level of 36 riyals.

Apple still holds the top of the ranking, with a market value of approximately $2.6 trillion, followed by Aramco ($2.11 trillion), then Microsoft ($2.05 trillion).

The rise in Saudi Aramco’s share came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4% of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund.

The Saudi stock market witnessed rises for five consecutive sessions until yesterday, Tuesday, and is close to achieving the sixth consecutive rise session if the indices closed in the green zone today.

And “Aramco” had achieved in 2022 the highest profits since the listing, increasing by 46.5%, to reach 604 billion riyals, compared to 412.4 billion riyals in 2021.

It is noteworthy that “Aramco” is the most profitable company in the world, as its profits for the year 2022 exceed the profits of “Apple”, “Microsoft” and “ExxonMobil” combined, according to the classification of the “Companies market cap” website.

The rise of Aramco’s shares also coincided with the rise in crude oil prices, the increase in the company’s sales volumes, the significant increase in profit margins from refining and chemicals business, as well as the decline in US crude stocks, despite the pessimistic global economic outlook.

Saudi Aramco Takes Second Place in Market Value Ranking After Exceptional Earnings Season