Saudi Aramco beats Apple, Google, Amazon to become world’s most profitable company in Q3
Updated 31 October 2021
Fahad Abuljadayel
RIYADH: Saudi Aramco is the world's most profitable company in Q3, beating tech giants such as Google, Amazon and Apple, as well as other listed energy companies such as ExxonMobil and Shell.
Thanks to the recent increase in oil prices, the Dhahran-based company reported today that its net income in the third quarter increased by 158 percent from a year ago to SR114 billion ($30.4 billion), compared to $11.8 billion a year ago, with a jump in it sales by 80 perecent to SR359 billion ($96 billion).
Aramco president and CEO Amin Nasser, said in a statement today: “Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers.”
“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” he added.
“Looking ahead, we are maintaining our strategy to invest for the long term, and we will build on our track record of low-cost and low-carbon intensity performance to advance our recently announced ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050.”
International brands turn to Riyadh to expand cooperation
Capital cements role as hub at World Defense Show
Updated 6 sec ago
Rahaf Jambi
RIYADH: Saudi Arabia's capital is cementing its role as a rising hub in the global defense industry, and the World Defense Show has attracted international brands eager to showcase advanced technologies and expand partnerships in the Kingdom and beyond.
Held under the patronage of the Saudi leadership, the show — which runs until Feb. 12 — has brought together defense manufacturers, technology innovators and government representatives from around the world.
Arab News spoke to several international exhibitors who underscored the show’s growing importance as a gateway to pursue regional and global cooperation.
Among the returning participants is Passtech Machine Tools, represented by Syed Zahid, its sales manager.
Passtech Machine Tools is participating in the World Defense Show in Riyadh for the third time, says sales manager Syed Zahid. (AN photo by Rahaf Jambi)
The company collaborates with various international brands, providing tools, machines and gauges, including advanced CNC (computer numerical control) machinery from South Korea.
For Zahid, WDS has proved to be a strategic platform, and he said: “This is our third time. We see it as very, very useful.”
From China, Jihua Group Co. Ltd. showcases advanced navigation devices and integrated systems. Peter Wang, its senior product manager, expressed optimism about expanding cooperation.
At the company’s booth, Arab News was introduced to several technologies, including what Wang described as a “true-color navigation device.”
Highlighting a wearable system, Wang said it was designed to enhance mobility and operational efficiency.
Jihua Group Co. Ltd. of China, another participant ad WDS Riyadh, showcased advanced navigation devices and integrated systems. (AN photo by Rahaf Jambi)
He emphasized the diversity of visitors and the potential for cross-border cooperation, and added: “I meet different countries’ customers here. I’m very happy and I want to get some opportunities for cooperation.”
Turkiye is also represented at the event. Masttech, which is attending WDS for the first time, is showcasing its products for visitors.
Deputy General Manager Sitki Tuzun said: “We are here to show all our products. We are producing electromechanical, mechanical and pneumatic mast systems here.”
While the company does not yet have Saudi clients, Tuzun made it clear that the show was a strategic leap toward entering the market.
“We are here for connection and new business cooperation,” he said.
First-time WDS participant Masttech hopes to capture a portion of the Saudi defense market soon. (AN photo by Rahaf Jambi)
The World Defense Show has demonstrated its increasing influence as a platform from which global brands meet regional opportunity.
Beyond static displays, the show serves as a dynamic networking arena, connecting manufacturers, suppliers, and defense stakeholders under one roof.
As Saudi Arabia accelerates efforts to localize its defense industry and invest in advanced technologies, WDS continues to facilitate partnerships, technology transfer and international collaboration — reinforcing Riyadh’s emergence as a central node in the global defense ecosystem.
