Saudi Aramco has reaffirmed its dominance as the world’s most profitable company, posting a staggering net profit of $121 billion for the full year 2024. The oil and gas behemoth remains at the forefront of global energy, leveraging its immense crude production capacity, low-cost operations, and long-term contracts with top energy markets across Asia and Europe. Despite volatility in global oil prices, growing climate concerns, and the increasing push toward renewable energy sources, Aramco’s unmatched cost efficiency and integrated business strategy keep it firmly ahead of its peers. Analysts emphasize that the company’s ability to maintain massive output at some of the lowest production costs in the world ensures its leading position in the profit rankings.
Apple is the second most profitable company globally, with net profits reaching $97 billion. The tech giant continues to ride on the strength of its iPhone sales, its rapidly expanding services division, and strategic investments in artificial intelligence and wearable technology. Apple’s ability to diversify revenue streams while maintaining brand loyalty in competitive markets has cemented its status as the most profitable technology firm. Its services arm, which includes Apple Music, Apple TV+, and iCloud, alongside App Store revenues, is now one of the company’s fastest-growing segments.
Berkshire Hathaway follows closely with $96 billion in net profits, underscoring the resilience of Warren Buffett’s investment empire. The conglomerate’s diverse portfolio, which spans insurance, energy, railroads, utilities, and equity investments in major corporations, continues to deliver outsized returns. Analysts highlight that Berkshire’s conservative approach to balance sheet management and its vast cash reserves allow it to take advantage of opportunities even during economic downturns.
Alphabet, Google’s parent company, recorded $74 billion in profits, supported by continued strength in digital advertising, dominance in search, and the fast-growing Google Cloud platform. Alphabet’s ongoing focus on artificial intelligence research and applications, as well as its ventures into autonomous vehicles through Waymo and health technology initiatives, further strengthen its long-term growth potential.
Microsoft remains another tech heavyweight with $72 billion in profits. Its success has been fueled by Azure, its rapidly expanding cloud business, the integration of artificial intelligence across its product suite, and strong demand for enterprise solutions. Microsoft’s investments in generative AI and its partnership with OpenAI continue to give it a significant competitive edge in the evolving digital economy.
The financial sector is also heavily represented in the profit rankings. Industrial and Commercial Bank of China (ICBC) achieved $51 billion in net earnings, while China Construction Bank posted $47 billion, and Agricultural Bank of China reported $38 billion. These Chinese state-owned financial giants play an outsized role in supporting China’s economic growth, particularly in financing infrastructure projects, trade, and development. Their strong profit margins reflect both the scale of the Chinese banking system and their expanding international influence.
JPMorgan Chase stands as the most profitable American bank with $50 billion in earnings for 2024. The U.S. financial leader benefited from higher interest income, strong trading revenues, and robust investment banking activity. Its global footprint and diversified business model continue to position it as a leader in global finance, able to weather shifts in monetary policy and economic cycles.
Meta Platforms returned to the top profit ranks with $39 billion in earnings. After a period of restructuring and cost optimization, Meta regained investor confidence, buoyed by strong advertising revenues and advancements in artificial intelligence-driven recommendation systems. Its pivot toward AI tools and virtual reality technologies also reflects its long-term strategy to dominate future digital ecosystems.
Outlook
While Saudi Aramco remains firmly at the top of the global profit leaderboard, the presence of technology giants and financial institutions highlights the diversity of industries shaping the global economy. Energy remains a central pillar of profitability, but the increasing integration of artificial intelligence, digitalization of financial services, and innovations in cloud computing are reshaping competitive dynamics. Analysts predict that the coming years will see even more intense competition between energy and technology companies for global profit leadership. Nonetheless, as long as global energy demand persists at high levels, companies like Saudi Aramco will continue to play a pivotal role in the balance of economic power.
