Aramco Overtakes Apple

Aramco Overtakes Apple
Saudi Aramco has become the largest company by market cap, according to companiesmarketcap.com.

Saudi Aramco has become the largest company by market cap, overtaking Apple, according to companiesmarketcap.com, a list of the world’s largest companies by market capitalization which excludes non-publicly traded companies and updates rankings daily.

Aramco is in the number one spot with a market cap at $2.38 trillion and Apple is in second place with a market cap of $2.30 trillion, the ranking shows. Microsoft is in third place with a market cap of $1.90 trillion, Alphabet (Google) is in fourth place with a market cap of $1.48 trillion, and Amazon is in fifth place with a market cap of $1.08 trillion, according to the ranking.

The next ranked oil and gas company is ExxonMobil in 16th place with a market capitalization of $364.67 billion, companiesmarketcap.com shows. Chevron is the third ranked oil and gas company, in 22nd place overall, with a market cap of $323.62 billion, according to the ranking.

Back on March 20, Aramco announced in its full-year 2021 financial results that its net income more than doubled year on year to $110 billion. The company highlighted that the figure marked a 124 percent increase compared to its net income of $49 billion in 2020.

On March 21, companiesmarketcap.com ranked Aramco as the second largest company in the world with a market capitalization of $2.28 trillion. The site showed at the time that Apple was ranked first with a market capitalization of $2.67 trillion.

Aramco is currently scheduled to publish its 2022 first quarter financial results on May 15.

The company describes itself as a leading producer of the energy and chemicals that drive global commerce and enhance the daily lives of people around the globe. The business manages the Kingdom’s proved reserves of 336.87 billion barrels of oil equivalent, employing a workforce of more than 70,000 people, according to its website.

To contact the author, email andreas.exarheas@rigzone.com


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