RIYADH: Saudi Aramco, the world’s largest oil producer, will announce its quarterly financial results on May 15 amid expectations by analysts that profits will increase.

The company’s median net income forecast, based on 12 analysts’ expectations, stands at $38 billion, compared to $31 billion in the fourth quarter and $21 billion in the first quarter of 2021.

Aramco has recently been in a race with Apple Inc. for the world’s most valuable company for the first time since 2020, with the tech major being pressured by rising inflation.

Strong oil prices drove the crude giant to claim the top position globally in terms of market cap as its shares hit record levels on May 11 to yield a valuation of $2.43 trillion.

A day later, Aramco was longer the highest valued company as its stock retreated 1.8 percent to exit the week with a $2.366 trillion market cap, slightly behind Apple’s $2.371 trillion valuation.