Saudi Aramco hits $2 trillion valuation
The world’s largest and most efficient oil producer has continued to gain in the stock market.
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The world’s largest and most efficient oil producer has continued to gain in the stock market.
The world’s largest and most efficient oil producer has continued to gain in the stock market.
According to CNN, “the stock gained 10% for a second consecutive day, reaching 38.70 riyals ($10.32) per share before giving up some of its gains.”
The gains are not surprising as Aramco produces twice as much oil as all of the oil sands and was the most profitable company in the world last year, earning $111 billion in net income.
From those profits, Aramco has promised to pay an annual dividend to shareholders of at least $75 billion until 2024.
The company has gained almost $300 billion in value since its shares became available on the Riyadh stock exchange on Monday, pushing it towards the $2 trillion valuation originally aimed at by the Saudi Monarchy.
The company now sits comfortably ahead of Apple, the world’s second-largest company.
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