Today, Tuesday, the Saudi Arabian Oil Company “Saudi Aramco” topped the listed companies in the world as the largest by market value, surpassing “Apple”, in light of the continued rise in the value of the company’s shares in recent sessions as a result of the increase in international oil prices.
Aramco surpassed “Apple” after its shares recorded the price of 46.10 riyals during yesterday’s trading in the Saudi stock market.
For its part, Apple lost more than 200 billion dollars of its market value within three days, falling to $2.461 trillion, while the market value of the largest energy company in the world reached $2.464 trillion.
It is expected that Aramco will widen the difference between it and Apple, being its closest competitor, in the coming days in the event that the extraordinary general assembly of the company’s shareholders approves an increase in the capital with bonus shares from 60 billion riyals ($16 billion) to 75 billion riyals ($20 billion), thus raising the number of its shares from 200 billion shares to 220 billion shares.
On May 12, the company is scheduled to hold an extraordinary general assembly meeting to vote on the board of directors’ recommendation to increase the company’s capital by 25% by granting free shares, with the aim of maximizing total returns to shareholders by distributing sustainable and increasing profits in line with future aspirations and growth ensuring steady cash flow, and creating higher value in the long run by investing in the many opportunities available to the company.
Aramco is scheduled to announce its financial results for the first quarter of 2022 next Sunday, in light of expectations of achieving strong profits, taking advantage of the strong oil price gains since the beginning of this year, which increased isince the Russian invasion of Ukraine began.
The profits of the Saudi company for the year 2021 rose to the highest level since its inclusion in the Saudi financial market, again due to the rise in oil prices, but also the consolidation of the results of “SABIC” business for a full year, in addition to a significant increase in the profit margins of the refining and chemicals business.
