Saudi Aramco has now become the most valuable company in the world. It has overtaken Apple Inc. The reason for this is an increase in oil prices, due to which the valuation of the crude producing country has increased. Saudi Arabia’s National Petroleum and Natural Gas Company has the world’s most significant oil producer status.
The company’s valuation based on its share prices at the market close stood at $2.42 trillion. Meanwhile, Apple’s share price has declined during the last month. And its valuation was at $2.37 trillion at the time of the official closing of trading on Wednesday.
Earlier this year, Apple’s market value reached $3 trillion, nearly $1 trillion more than Aramco. However, after that, Apple’s shares have seen a decline of about 20 per cent. At the same time, Aramco’s shares have gained 28 per cent.
Apple made a huge profit.
Among US companies, Apple’s stock remains the largest. Microsoft Corporation is at number two with a market capitalisation of $1.95 trillion.
Apple has made better profits than expected in the first three months. This is because of the strong demand from the customers. Despite this, the share price has declined. But, Apple has warned that due to the Corona lockdown in China and the current supply chain problems, there could be a $ 4 to 8 billion loss in the June quarter results.
The company’s results look promising. Because there has been a decline in the growth of many big tech companies with it. Demand has been affected due to the decrease in the outbreak of the epidemic.
At the same time, oil sector giant Saudi Aramco recently said that its profit for the last year has increased by 124 per cent. Earlier, its facility was attacked by rebels in Yemen, causing a temporary decline in its production.
