Benzinga | Aug 3, 2021 12:48PM EDT

Apple Topples Saudi Aramco To Be The Most Profitable Fortune Global 500 Company In 2020

Apple, Inc.'s (NASDAQ:AAPL) all-around product momentum has taken it to the top of the charts in terms of profitability.

Cupertino Tops On Profits: Apple, with $67 million in profits for the fiscal year 2020, was the leader in the Fortune Global 500, released today.

Apple wrested the No. 1 "Most Profitable" ranking from Saudi Arabian oil giant Saudi Aramco, which held the top spot for two straight years. The company reported profits of $49.287 billion for the year. SoftBank Group Corp. - ADR (OTC:SFTBY) took the third position with $47.053 billion in profit.

Walmart Inc. (NYSE:WMT) was the top revenue-generating global company for the eighth consecutive year. The retail giant clocked revenues of $523.964 billion for the fiscal year 2020. State-owned Chinese electricity utility State Grid followed with $383.906 billion in revenues.

Amazon.com, Inc. (NASDAQ:AMZN) was in third place by virtue of its $280.522 billion revenues. The fourth and fifth places were taken by integrated oil companies China National Petroleum and Sinopec Shanghai Petrochemical Co (NYSE:SHI).

Apple was placed sixth in terms of revenue, a jump from the 12th position it held previously.

Related Link: 4 Apple Analysts React To Q3 Earnings: 'We Are Buyers On Any Near-Term Weakness'

The Fortune 500 companies generated revenues of $31.7 trillion, down 5%, and profits of $1.6 trillion, down 20%, the report showed. The companies employ 69.7 million people worldwide.

Fortune blamed the softness relative to the previous year and the COVID-19 pandemic.

Apple Juggernaut Rolls On: Last week, Apple reported record June quarter results, with both revenues and earnings surpassing expectations.

"With 5G now in the cards and roughly 40% of its 'golden jewel' iPhone installed base not upgrading their phones in the last 3.5 years, Cook & Co. have the stage set for a renaissance of growth in Cupertino," Wedbush analyst Daniel Ives said in a note reviewing the company's quarterly results.

At last check, Apple shares were down 0.23% at $145.52.

See also: How To Buy Apple Stock