SAN FRANCISCO: Saudi Aramco on Wednesday dethroned Apple as the world’s most valuable company as surging oil prices drove up shares and tech stocks slumped.
The Saudi Arabian national petroleum and natural gas company, billed as the largest oil producing company in the world, was valued at $2.42 trillion based on the price of its shares at close of market.
Apple, meanwhile, has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.
The sinking share price came despite Apple reporting better-than-expected profits in the first three months of this year amid strong consumer demand.
But, Apple warned that the China Covid-19 lockdown and ongoing supply chain woes would dent June quarter results by $4 to $8 billion.
“Supply constraints caused by Covid-related disruptions and industry-wide silicon shortages are impacting our ability to meet customer demand for our products,” Chief Financial Officer Luca Maestri said on a conference call with analysts.
The results looked good following stumbles by some Big Tech peers as growth from the stay-at-home demand amid the pandemic slows and companies confront rising operating and labor costs.
Oil giant Saudi Aramco recently reported a 124 percent net profit surge for last year, hours after Yemeni rebels attacked its facilities causing a “temporary” drop in production.
As the world economy started to rebound from the Covid-19 pandemic, “Aramco’s net income increased by 124 percent to $110.0 billion in 2021, compared to $49.0 billion in 2020,” the company said.
The kingdom, one of the world’s top crude exporters, has been under pressure to raise output as Russia’s invasion of Ukraine and subsequent sanctions against Moscow have roiled global energy markets.
Aramco president and CEO Amin Nasser cautioned that the company’s outlook remained uncertain due in part to “geopolitical factors.”
“We continue to make progress on increasing our crude oil production capacity, executing our gas expansion program and increasing our liquids to chemicals capacity,” Nasser said.
On the results, for 2021, he acknowledged that “economic conditions have improved considerably.”
A strong rebound last year saw demand for oil increase and prices recover from their 2020 lows.
Inflation could cause a drop in consumption, reducing demand for oil, while tech shares could continue to be dragged down by investor concerns over company costs, interest rate rises and supply chain woes.
Saudi Aramco dethrones Apple to become world’s most valuable company
https://arab.news/jayjb
Saudi Aramco dethrones Apple to become world’s most valuable company
- Largest oil producing company in the world valued at $2.42 trillion based on the price of its shares at close of market
- Apple has seen its share price drop over past month, was valued at $2.37 trillion when official trading ended Wednesday
Saudi Post issues commemorative stamp to mark Al-Faw’s UNESCO recognition
RIYADH: Saudi Post has issued a SR3 ($0.79) commemorative stamp to celebrate the registration of Al-Faw Archaeological Area on the list of UNESCO World Heritage Sites, making it the eighth Saudi site on this prestigious list.
Located south of Riyadh at the junction of a vast plain and the Tuwaiq mountain range, Al-Faw is strategically positioned along ancient trade routes connecting the southern Arabian Peninsula to its center and east.
The area in Wadi Ad-Dawasir, at the intersection of the Empty Quarter desert and the Tuwaiq mountain range, is home to almost 12,000 archaeological remains and has a history of human habitation stretching back more than 6,000 years.
The site features a landscape shaped over millennia by human interaction with the environment and which was abandoned in the 5th century AD owing to depleted water sources.
The commemorative stamps issued honor significant national and international events, highlighting key chapters of Saudi history making them collectible for philatelists, researchers, and heritage enthusiasts, the Saudi Press Agency reported.
UNESCO, while recognizing the site last year, has said the site was a strategic point on the ancient trade routes of the Arabian Peninsula, but was abruptly abandoned around the fifth century.
Archaeological remains uncovered at the site range from prehistoric times to the late pre-Islamic era, testifying to successive occupations by three different populations.
Features include paleolithic and neolithic tools, tapered structures, cairns and circular constructions, the sacred mountain of Khashm Qaryah, rock carvings, funeral cairns, an ancient water management system, and remains of the city of Qaryat Al-Faw.
Other Saudi sites on the UNESCO Heritage List are Al-Hijr (2008), At-Turaif in Diriyah (2010), Historic Jeddah (2014), rock art in the Hail Region (2015), Al-Ahsa Oasis (2018), Hima Cultural Area (2021), and Uruq Bani Maarid protected area (2023).
