Apple lost the top spot and Aramco took the place

Apple lost the top spot and Aramco took the place

Apple's reputation as the most valuable company in the world from the beginning. But this time, Aramco in Saudi Arabia, the world's largest oil company, has overtaken Apple to become the world's most valuable company in terms of market value.

Trade Desk

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The market value of Aramco rose by 48.20 riyals to 2.464 trillion (9.24 trillion riyals). Where Apple is valued at 2.461 trillion dollars.

In January of this year, the market value of Apple was 2.960 trillion dollars. Since then, Apple's share price has been falling one after another. So far, Apple's share price has fallen by about 484 billion. On the other hand, the price of Aramco has gone up due to the high price of fuel oil in the world market.

The two companies have faced two different outcomes in the same incident. When the Russia-Ukraine war broke out later this year, Western tech companies began withdrawing business from Russia. Apart from this, severe inflation started in the country. As a result, the share prices of tech companies continue to fall.

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On the other hand, the impact of the war has increased the price of fuel oil in the world market. Aramco is cursed in this. Aramco's share price continues to rise. This is the first time that the Saudi company's profit has reached the highest level after being included in the stock market.

Aramco's net profit in 2021 was 412.4 billion riyals (109.95 billion), 124.4 percent more than in 2020. In the fourth quarter of the same year, Aramco announced a cash dividend of 70.33 billion riyals (16.75 billion) to shareholders.

Sources: BBC, Bloomberg