Connect with us

Foreign

Saudi Aramco becomes world’s most valuable company

Published

on

Saudi Aramco dethroned Apple as the world's most valuable company on Wednesday, as surging oil prices sent shares higher and technology stocks plunged.

Saudi Arabia's national oil and natural gas company, heralded as the world's largest oil-producing company, was valued at .42 trillion based on its closing market share price.
Meanwhile, Apple has seen its share price fall over the past month and was valued at .37 trillion when official trading ended on Wednesday.
The share price drop came despite Apple reporting better-than-expected earnings in the first three months of this year amid strong consumer demand.
But, Apple warned that China's Covid-19 lockdown and ongoing supply chain issues would affect June quarter results by between  billion and  billion.
“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are affecting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said in a conference call with analysts.
The results looked good after stumbles by some Big Tech peers as growth in demand to stay home amid the pandemic slows and companies face rising operating and labor costs.

Oil giant Saudi Aramco recently reported a 124 percent rise in net profits last year, hours after Yemeni rebels attacked its facilities and caused a
Saudi Aramco becomes world’s most valuable company

Saudi Aramco dethroned Apple as the world’s most valuable company on Wednesday, as surging oil prices sent shares higher and technology stocks plunged.

Saudi Arabia‘s national oil and natural gas company, heralded as the world’s largest oil-producing company, was valued at $2.42 trillion based on its closing market share price.

Meanwhile, Apple has seen its share price fall over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.

The share price drop came despite Apple reporting better-than-expected earnings in the first three months of this year amid strong consumer demand.

But, Apple warned that China‘s Covid-19 lockdown and ongoing supply chain issues would affect June quarter results by between $4 billion and $8 billion.

“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are affecting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said in a conference call with analysts.

The results looked good after stumbles by some Big Tech peers as growth in demand to stay home amid the pandemic slows and companies face rising operating and labor costs.

Oil giant Saudi Aramco recently reported a 124 percent rise in net profits last year, hours after Yemeni rebels attacked its facilities and caused a “temporary” drop in output.

As the global economy began to recover from the Covid-19 pandemic, “Aramco’s net income increased by 124 percent to $110 billion in 2021, compared with $49 billion in 2020,” the company said.

The kingdom, one of the world’s top crude exporters, has been under pressure to increase output as Russia‘s invasion of Ukraine and subsequent sanctions against Moscow have hit global energy markets.

Aramco Chairman and CEO Amin Nasser warned that the company’s outlook remained uncertain due in part to “geopolitical factors.”

“We continue to make progress in increasing our crude oil production capacity, executing our gas expansion program and increasing our capacity from liquids to chemicals,” Nasser said.

Regarding the results, for 2021, he acknowledged that “economic conditions have improved considerably.”

A strong rebound last year saw demand for oil rise and prices rebound from their 2020 lows.

Inflation could cause a drop in consumption, lowering demand for oil, while tech stocks could continue to be dragged down by investor concerns about business costs, interest rate hikes and supply problems. supply chain.

NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

Advertisement

Recent Posts