After a tumultuous year, Saudi’s Aramco relinquished the title of the most profitable company in the world to Apple Inc. The state-backed oil giant disclosed that its profits halved to $49 billion in 2020. The company suffered a 44% decline in net income.
The company however, expressed plans to continue with the initial plan of paying its quarterly dividends to shareholders. The funds estimated at $18.75 billion to $75 billion a year will mostly return to the government which owns 98% of the shares.
Apple has now claimed that title with $59 billion in income in 2020 alone.
Many speculate it may be for the short term as Energy prices have surged by 30% in 2021 and Aramco claims to be doing all it can to emerge in a post pandemic world.