Saudi Aramco loses title of world’s most profitable company to Apple as 2020 profits sink to $49 billion

Saudi Aramco loses title of world’s most profitable company to Apple as 2020 profits sink to $49 billion

Saudi Aramco is no longer the world's most profitable company after the COVID-19 pandemic wreaked havoc on oil demand in 2020.

Aramco reported its full-year 2020 results on Sunday, showing a 44% collapse in profits to $49 billion. The world's largest oil company said that despite the results, it plans to pay out its full-year dividend of $75 billion.

"As the enormous impact of COVID-19 was felt throughout the global economy, we intensified our strong emphasis on capital and operational efficiencies," Aramco CEO Amin Nasser said.

Demand for oil was hit hard in 2020 as rolling lockdowns to combat the pandemic led to reduced travel across the globe. Oil briefly went negative, hitting $-37 per barrel as an imbalance between oil supply and demand led to limited places for storage of the commodity.

Aramco said its results were impacted by both lower crude oil prices and lower volumes sold, as well as weakened margins for its refining and chemicals business. 

The results from Aramco mean Apple can now claim the title of the world's most profitable company, as it reported $59 billion in income for 2020. But that title may be short lived for Apple and could be reclaimed by Aramco, based on a strong