"Saudi Aramco tops Forbes\u2019 list of 100 largest companies in the Middle East"

"Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes\u00a0 list \u00a0for the top 100 companies in the region.\r\n\r\nWith a market value of $2.1 trillion and sales of $604.4 billion, Aramco was an unsurprising winner of the top spot, with another 32 Saudi companies also on the top 100 list. This made Saudi Arabia the most represented country on the Forbes list.\r\n\r\nThose also include SABIC, the industrial conglomerate, and Ma\u2019aden, the Saudi state mining company. SABIC ranked at number two and Ma\u2019aden was number 13 on the list.\r\n\r\nAramco\u00a0 reported \u00a0a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023.\r\n\r\nYet the company\u2019s earnings figure still beat a median\u00a0 analyst estimate \u00a0of $30.8 billion compiled by Refinitiv.\r\n\r\nAramco\u2019s average realized crude oil price dropped to $81 per barrel in the first quarter of 2023, down from $97.7 a barrel in the same period of 2022.\r\n\r\nCapital expenditures rose to $8.746 billion from $7.583 billion, driven by higher spending on boosting Saudi Arabia\u2019s maximum sustainable production capacity to 13 million barrels per day and the development of natural gas projects, Aramco said.\r\n\r\nMeanwhile, however, Aramco is about to reduce output, after the Saudi Energy Minister Abdulaziz bin Salman announced an additional voluntary cut of 1 million bpd, to enter into effect from next month. This will bring the country\u2019s oil output to some 9 million bpd."

"Saudi Aramco tops Forbes\u2019 list of 100 largest companies in the Middle East"

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