Aramco shares close at highest level since listing

Logo of Saudi Aramco

Shares of Saudi Arabian Oil Co. (Saudi Aramco) hit their highest level since listing, at SAR 43.10 today, March 1.

The stock closed 4% higher at SAR 43.05 per share, its highest closing since stock debut, with nearly 40 million shares traded at a value of SAR 1.7 billion.

Accordingly, Saudi Aramco’s market capitalization reached SAR 8.61 trillion (equivalent to $2.3 trillion).

Oil prices exceeded $113 a barrel during Wednesday's trading, as tensions in Eastern Europe continued, with Western countries imposing sanctions on Russia in response to its invasion of Ukraine.

Aramco was established in Saudi Arabia by a royal decree on Nov. 13, 1988. The company is fully-owned by the Saudi government with a paid-up capital of SAR 60 billion, divided into 200 billion ordinary shares without face value.

The company was listed on the Saudi market in December 2019.

Aramco’s primary objectives encompass all aspects of energy-related activities, including hydrocarbons, chemicals and other related and complementary industries, or any other activity within or outside Saudi Arabia.