The Saudi oil giant Aramco has become the largest

The Saudi oil giant Aramco has become the largest

Saudi Aramco has overtaken Apple and become the most valuable company in the world

Thus, the American company that produces the well-known iPhones was dethroned by the oil giant Saudi Aramco, which thus becomes the largest company in the world by market value.

Shares of the Saudi Arabian company rose nearly 30 percent this year

This year alone, the shares of the Saudi oil giant have risen by almost 30%.

Saudi Arabia’s Aramco has overtaken Apple in terms of capitalization, becoming the most valuable company in the world, after an advance of 29.25% this year, reports the Seeking Alpha portal.

In the current financial context, the market value of the oil giant Aramco is about 2,500 billion dollars, just over the capitalization of the American manufacturer of smart devices.

Apple estimates for 2022

Since the beginning of this year, Apple’s shares have decreased by 15.7%.

Although Apple reported strong results and provided solid estimates for the next period, the stock market performance was affected by a selloff in the “growth” shares of the tech industry.

At fiscal year 2022, experts estimate a net profit per share of $ 6.15 for Apple, as well as total revenue of $ 100 billion.

On the other hand, the Saudi giant Aramco has announced revenues of $ 32 billion for the last three months of 2021, when the price of a barrel of oil was about $ 5 below current levels and production was lower.

The energy sector could benefit the most from the pandemic, analysts say

For two years, investors have been talking about the “winners of the pandemic” in the tech sector, notes Seeking Alpha.

However, the decline in energy investment during the health crisis has led to a considerable shortage of oil, gas, coal and refining capacity, leading some analysts to believe that the energy sector could be “the biggest winner. pandemic ”.