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Tag: Aramco

  • Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

    Saudi Aramco overtakes Microsoft as world’s 2nd largest company by market value

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    Riyadh: Saudi oil giant Aramco has displaced American technology giant Microsoft to become the world’s second-largest company by market value at 7.92 trillion Saudi Riyals (2.11 trillion dollars) as the company’s stock prices hit 36 Saudi Riyals (9.60 dollars) on Wednesday, local media reported.

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

    According to Arabic daily Al-Arabiya.net, the rise in Saudi Aramco’s shares came after Crown Prince Mohammed bin Salman announced, this month, the transfer of 4 per cent of its shares to Sanabel Investment Company, which is wholly owned by the Public Investment Fund (PIF).

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    Aramco achieved, in 2022, the highest profits since the listing, up by 46.5 per cent, to reach 604 billion Saudi riyals, compared to 412.4 billion Saudi 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 the refining and chemicals business, as well as the decline in US crude stocks, despite the pessimistic global economic outlook.

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    ( With inputs from www.siasat.com )

  • Saudi transfers 4% Aramco shares to PIF’s Sanabil

    Saudi transfers 4% Aramco shares to PIF’s Sanabil

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    Riyadh: Saudi Crown Prince Mohammed bin Salman on Sunday announced the completion of the transfer of 4 per cent of the total shares of Aramco from Kingdom ownership to the Saudi Arabian Investment Company, Sanabil Investment, owned by the Public Investment Fund (PIF), the Saudi Press Agency (SPA) reported.

    This comes as a continuation of the Kingdom’s initiatives aimed at strengthening the national economy in the long term and diversifying its resources.

    Mohammed bin Salman stressed that the transfer process contributes to maximizing the assets of the Public Investment Fund (PIF) and increasing its investment returns, which enhances the fund’s strong financial position and credit rating.

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    He explained that the Kingdom remains the largest shareholder in Saudi Aramco after the transfer process, with a percentage of (90.18 per cent) of the company’s total shares.

    He pointed out that the Public Investment Fund (PIF) is continuing to launch new sectors, build strategic economic partnerships, localize technologies and knowledge, in addition to creating more direct and indirect jobs in the local labor market.

    The transfer of part of the Kingdom’s shares in Aramco is a continuation of Saudi Arabia’s long-term initiatives to diversify the national economy and expand investment opportunities in line with Vision 2030, SPA quoted Prince Mohammed as saying.

    In February 2022, 4 per cent of Aramco shares were also transferred to the Public Investment Fund. 

    The transfer of new shares, like the previous ones, will contribute to supporting the Saudi sovereign fund’s plans aimed at raising the volume of its assets under management to about 4 trillion Saudi riyals by the end of 2025.

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    ( With inputs from www.siasat.com )