Riyadh: Saudi oil company Aramco has become the world’s second largest company by value, pushing Microsoft to third place.
According to Al Arabiya, Aramco’s value has reached 2.11 trillion dollars (7.92 trillion Saudi riyals). In 2022, Aramco achieved its highest ever profit, after a 46.5 percent increase to 604 billion riyals ($161 billion) from 412.4 billion riyals ($109 billion) in 2021.
Aramco is the world’s most profitable company, according to a ranking on the Companies Market Cap website. In the year 2022, the company’s profit was more than the combined profit of Apple, Microsoft and ExxonMobil.
Fitch Ratings, the agency responsible for rating companies around the world, has rated Saudi Aramco +A in a recent report.
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