Saudi Aramco, formerly known as The Saudi Arabian Oil Company, suffered a knock-on Friday after Apple took over as the world’s biggest company. However, the company bounced back when on Sunday it announced the biggest-ever quarterly profit by any company.
The success during the last quarter is largely due to soaring oil prices which are partially a result of the war between Russia and Ukraine.
The firm noted a net income in the second quarter of $48.4billion which was almost $10billion higher than the $39.5billion reported in the first quarter.
The second quarter net income beat the prediction of an income of $46.2billion.
The record-breaking profit is a 90 percent increase compared to the second quarter last year.
Such soaring profit was caused by increased demand and the increased cost of oil due to substantial refining margins and the war in Ukraine.
In comparison, the highest quarterly profit of the largest company in the world, Apple, was $34.6billion (£28.4billion) in the closing quarter of last year.
Apple overtook Aramco with a market value of $2.72trillion (£2.24trillion) on Friday’s close compared to Aramco’s market value of approximately $2.4trillion (£1.9trillion).
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The President and Chief Executive of Aramco, Amin Nasser said: “While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential – both to help ensure markets remain well supplied and to facilitate an orderly energy transition.
“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.”
Other companies such as Shell, BP, TotalEnergies and ExxonMobil have also recorded large profits as a result of demand and crude prices.