Saudi Aramco has unseated Microsoft from the place of the world’s second-largest company in terms of market value, boasting $2.11 trillion in value, second only to Apple. The change in ranking occurred last month after Aramco’s shares rose on the news that the kingdom’s Crown Prince will transfer 4% of the state oil company to an entity owned by the Saudi sovereign wealth fund, Middle East Monitor reported. That figure also made Aramco the world’s most profitable company last year, ahead of Apple and the rest of Big Tech. The 2022 profit figure was, in fact, higher than the profits of Apple, Exxon, and Microsoft combined, Middle East Monitor noted. The oil company also boasted a record cash flow from operating activities, at $186.2 billion, and a record free cash flow, at $148.5 billion.

Source: The North Africa Journal May 01, 2023 09:12 UTC