Aramco's Income Has Increased to an All-Time High

Saudi Arabia's national oil and gas company, Aramco, increased its net income to $39.5 billion in the first quarter of the year, moving 82% from $21.7 billion to the same period last year.

Aramco, which recently took the title of 'Most Valuable Company' from Apple, reported a more than 80 percent increase in net profit on Sunday, exceeding analyst expectations and setting a new quarterly earnings record since its IPO. Oil giant Aramco increased its net income by 82 percent from $21.7 billion to $39.5 billion in the first three months of the year, compared to the same period last year. Expert analysts surveyed had estimated net income to be $38.5 billion. Aramco President and CEO Amin Nasser said: “During the first quarter, our strategic downward expansion further advanced in both Asia and Europe, and we continue to develop opportunities that complement our growth targets. Against the backdrop of increasing volatility in global markets, we remain focused on helping the world meet the world's demand for reliable, affordable and increasingly sustainable energy.” The company that took the seat of Apple; Aramco Tech giant Apple fell from the the top. The popular American company Apple lost the seat of "The most valuable company in the world" to Saudi Arabia's national oil company Aramco after 2 years. It was noted that Apple investors sold shares in technology companies and invested in assets they saw as safer. Saudi Arabia's national oil and natural gas company Aramco has surpassed the technology giant by taking the seat of the world-famous technology giant Apple, which has been at the top with the title of "The most valuable company in the world" for almost 2 years.