Aramco Rakes in Record Profit, Surpassing Tech Giants Combined

Saudi Aramco, the state-owned oil giant of Saudi Arabia, reported a staggering $121 billion in profit for 2023. This figure marks the company’s second-highest profit ever. It sees more profit than Meta, NVidia, Amazon, and Tesla combined.

Saudi Aramco, the giant oil company, wrapped up 2023 with a jaw-dropping $121.3 billion profit, securing its position as the global profit leader among publicly listed companies.

To give you an idea of how massive that is, think about the combined profits of four big Wall Street players: Meta ($39 billion), Amazon.com ($30 billion), NVIDIA Corporation ($30 billion), and Tesla ($15 billion). Altogether, they made $114 billion – still $7 billion less than Saudi Aramco alone! Even tech titans like Apple and Warren Buffet’s Berkshire Hathaway, with $97 billion in profits, and Microsoft with $72 billion, couldn’t match up.

Although Saudi Aramco’s profits dipped from their record high of nearly $161 billion in 2022, it’s still a big deal. This dip was mainly due to falling oil prices, but the company remains resilient, keeping its top profit spot for two years in a row.

Investors are now eyeing Saudi Aramco’s stock value. It’s the fourth company to exceed $2 trillion in market capitalization, following Microsoft, Apple, and Nvidia. Currently trading at $8.55, its shares have risen by over 20% since it went public in 2019.

Analysts are optimistic about its future. InvestingPro’s Fair Value assessment suggests a target price of $8.53 per share, while analysts surveyed by InvestingPro predict it could reach $9.01 per share, about 6% higher than its current value. They’ve also raised their dividend by a whopping 30% to $100 billion. Aramco is mostly owned by the Saudi government, and these dividends help fund their 2030 vision. That’s their big plan to diversify the economy, engage globally, and improve people’s lives.

When it comes to financial health, Saudi Aramco is solid, scoring 4 out of 5. With all this in mind, it’s no wonder why investors are buzzing about Saudi Aramco’s success!

Basically, they’re taking all this money from oil and investing it in future stuff like AI and energy infrastructure. Maybe we should be paying more attention to Aramco, huh?’