Saudi Aramco Made More Money Than Meta, Apple, Tesla, Microsoft Combined
Saudi Aramco’s Record Profits: What Does It Mean for the World?
Saudi Aramco, Saudi Arabia’s state-run oil and energy company, has announced record profits for its second quarter. The company’s net income more than doubles that of Apple’s $19.4 billion in the same period, and it is significantly higher than the combined profits of Microsoft, Meta, and Tesla. Saudi Aramco’s size and profitability underscore the importance of the country’s oil and energy sector to the global economy.
As countries worldwide attempt to diversify their energy sources away from Russia, Saudi Arabia and Saudi Aramco are in a position to benefit greatly. The company’s latest profit announcement is a testament to this fact.
Brief of Saudi Aramco
Saudi Aramco is the state-owned oil company of Saudi Arabia and the largest oil producer in the world. The company was founded in 1933 by the Saudi Arabian government as the Arabian American Oil Company (Aramco). In 1988, the government took complete control of the company and changed its name to Saudi Aramco. The company’s headquarters are located in Dhahran, Saudi Arabia.
