Saudi Aramco has once again been ranked as the most profitable company in the world despite a 38 percent year-on-year decline during the second quarter of this year, according to a new report released by Forbes.
Based on financial data from the last 12 months, as of May 5, 2023, the Saudi oil company had a profit of $156.36 billion.
The $30.08 billion profit during the second quarter of this year was a 38 percent decline during the same period last year. Aramco said the decrease in revenue was due to lower crude oil prices and weakening refining and chemicals margins.
Aramco made significantly more profit than second-placed Apple, which had a profit of $94.32 billion.
Aramco’s market value sits at an estimated $2,055.22 billion, just behind Apple and Microsoft.
Regarding sales, Aramco was second only to Walmart and came in above Amazon.
Aramco, founded in 1933, is headquartered in Saudi Arabia’s Dhahran.
Exxon, Alphabet, Industrial and Commercial Bank of China, China Construction Bank, and Shell rounded out the next most profitable companies in the world, according to Forbes.