Aramco’s share achieved a new record level during today’s trading session, after the stock reached the level of 42.85 riyals, up 1.18% from Sunday’s close, bringing the company’s market value to 9.43 trillion Saudi riyals.
AndThe company maintained its superiority over its nearest global competitor – Apple – in terms of market valueafter its market value exceeded 2.52 trillion dollars, compared to 2.38 trillion dollars for the iPhone maker, an increase of about 140 billion dollars in market value.
The previous historical peak of Aramco’s share was last March at 40.3 riyals per share, but it was less at that time than the market value of “Apple”, which was trading at the time with a value of more than 2.6 trillion dollars for the company.
And oil prices boosted Aramco’s quarterly profits, as it announced a quarterly profit increase of 81.7% in the first quarter of 2022 to 148 billion riyals, compared to 81.4 billion riyals in the corresponding period of 2021.
The value of operating profits achieved by Aramco in the first quarter of 2022 amounted to about 277.7 billion riyals, compared to 151.9 billion riyals in the first quarter of 2021, an increase of 82.8%.
The company’s general assembly also approved the distribution of 70.3 billion riyals in cash to shareholders for the profits of the first quarter, in addition to distributing one bonus share for every 10 shares.