Saudi Aramco ready to ramp up to maximum oil output, says CEO
Saudi Aramco stands ready to ramp up crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government, the state oil company's chief executive said on Sunday.
CEO Amin Nasser told reporters on an earnings call that global oil demand is healthy and China's easing of COVID-19 restrictions and a pickup in the aviation industry could add to demand.
"There is healthy demand with very limited spare capacity currently available," Nasser said, reiterating a call for more global investment in the hydrocarbon sector to meet future demand.
"We are confident of our ability to ramp up to 12 million bpd any time there is a need or a call from the government or from the ministry of energy to increase our production."
Sunday, 14 August 2022
#Saudi stocks slip on weaker oil prices as #Qatar consolidates gains | Reuters
Saudi stocks slip on weaker oil prices as Qatar consolidates gains | Reuters
Saudi Arabia's stock market ended slightly lower on Sunday in response to Friday's fall in oil prices, while the Qatari index inched higher to notch up a third consecutive session of gains.
Oil prices, a key catalyst for the Gulf's financial markets, had dropped around 2% on expectations that supply disruptions in the U.S. Gulf of Mexico would be short-term, while recession fears clouded the demand outlook.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.2% fall in Riyad Bank (1010.SE) and a 0.7% slip in Saudi British Bank (1060.SE).
Saudi Aramco (2222.SE) shares closed flat, despite the state oil giant reporting a steep rise in quarterly profit.
Aramco on Sunday recorded its highest quarterly profit since going public in 2019, boosted by higher oil prices and refining margins. read more
Crude prices have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
Prices have since eased to below $100 a barrel as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Net profit increased 90% to 181.64 billion riyals ($48 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier and compared with a mean estimate from 15 analysts of $46.2 billion.
Aramco declared a second-quarter dividend of $18.8 billion, in line with its own target, to be paid in the third quarter.
In Qatar, the index (.QSI) gained 0.4%, with Industries Qatar (IQCD.QA) advancing 1.8%.
The petrochemical maker rose for a fifth session in six after last week posting a sharp rise in first-half net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was flat, as declines in financial shares were offset by gains elsewhere.
Among the gainers, Telecom Egypt (ETEL.CA) jumped 3.9%.
On Thursday, the telecom operator reported second-quarter net profit of 2.42 billion Egyptian pounds ($127 million), up from 1.75 billion Egyptian pounds a year ago.
Saudi Arabia's stock market ended slightly lower on Sunday in response to Friday's fall in oil prices, while the Qatari index inched higher to notch up a third consecutive session of gains.
Oil prices, a key catalyst for the Gulf's financial markets, had dropped around 2% on expectations that supply disruptions in the U.S. Gulf of Mexico would be short-term, while recession fears clouded the demand outlook.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 1.2% fall in Riyad Bank (1010.SE) and a 0.7% slip in Saudi British Bank (1060.SE).
Saudi Aramco (2222.SE) shares closed flat, despite the state oil giant reporting a steep rise in quarterly profit.
Aramco on Sunday recorded its highest quarterly profit since going public in 2019, boosted by higher oil prices and refining margins. read more
Crude prices have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
Prices have since eased to below $100 a barrel as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Net profit increased 90% to 181.64 billion riyals ($48 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier and compared with a mean estimate from 15 analysts of $46.2 billion.
Aramco declared a second-quarter dividend of $18.8 billion, in line with its own target, to be paid in the third quarter.
In Qatar, the index (.QSI) gained 0.4%, with Industries Qatar (IQCD.QA) advancing 1.8%.
The petrochemical maker rose for a fifth session in six after last week posting a sharp rise in first-half net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was flat, as declines in financial shares were offset by gains elsewhere.
Among the gainers, Telecom Egypt (ETEL.CA) jumped 3.9%.
On Thursday, the telecom operator reported second-quarter net profit of 2.42 billion Egyptian pounds ($127 million), up from 1.75 billion Egyptian pounds a year ago.
Aramco Reports Record Profit, Injecting #Saudi Kingdom With Cash - WSJ
Aramco Reports Record Profit, Injecting Saudi Kingdom With Cash - WSJ
High crude prices are infusing Saudi Arabia with billions of dollars in cash, fueling record profit at its national oil company, lending fresh momentum to the country’s ambitious economic makeover and strengthening its geopolitical power.
The country’s giant oil-producing business Aramco, officially named Saudi Arabian Oil Co., said Sunday that its net income jumped 90% to $48.4 billion in the three months ending in June from the same period a year earlier, due to higher crude oil prices and stronger refining profits. It is the highest quarterly net income Aramco has posted since it started trading its shares on the Saudi stock exchange in 2019.
Aramco’s performance has helped kick the Saudi economy into a higher gear as the U.S. and Europe worry about recession, demonstrating how the war in Ukraine and the resulting surge in energy prices have boosted petrostates that just a few years ago were struggling with a depressed oil market and a world transitioning to cleaner fuels.
Saudi Arabia registered 11.8% year-over-year economic growth in the second quarter. While the International Monetary Fund predicts growth of 7.6% this year, more-bullish economists forecast a rate of 10%. That would make it one of the world’s best performers. An index of Saudi private-sector business confidence was at its highest level in eight months in June when consumer spending increased 13% year-over-year, the Saudi bank Jadwa Investment said in a note.
High crude prices are infusing Saudi Arabia with billions of dollars in cash, fueling record profit at its national oil company, lending fresh momentum to the country’s ambitious economic makeover and strengthening its geopolitical power.
The country’s giant oil-producing business Aramco, officially named Saudi Arabian Oil Co., said Sunday that its net income jumped 90% to $48.4 billion in the three months ending in June from the same period a year earlier, due to higher crude oil prices and stronger refining profits. It is the highest quarterly net income Aramco has posted since it started trading its shares on the Saudi stock exchange in 2019.
Aramco’s performance has helped kick the Saudi economy into a higher gear as the U.S. and Europe worry about recession, demonstrating how the war in Ukraine and the resulting surge in energy prices have boosted petrostates that just a few years ago were struggling with a depressed oil market and a world transitioning to cleaner fuels.
Saudi Arabia registered 11.8% year-over-year economic growth in the second quarter. While the International Monetary Fund predicts growth of 7.6% this year, more-bullish economists forecast a rate of 10%. That would make it one of the world’s best performers. An index of Saudi private-sector business confidence was at its highest level in eight months in June when consumer spending increased 13% year-over-year, the Saudi bank Jadwa Investment said in a note.
#Saudi Billionaire Bin Talal Made $500 Million Russia Bet Near War’s Onset - Bloomberg
Saudi Billionaire Bin Talal Made $500 Million Russia Bet Near War’s Onset - Bloomberg
Saudi billionaire Prince Alwaleed Bin Talal invested more than $500 million in Russian firms in the days around Moscow’s invasion of Ukraine.
Prince Alwaleed’s investment firm, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on Feb. 24.
No specific dates for the investments were given, and the Saudi firm didn’t respond to questions about whether it still owned them. The value of all those depositary receipts dropped rapidly after the war began, when trading in Moscow was halted and western sanctions were imposed on Russia.
Alwaleed, whose grandfather was the founder of modern Saudi Arabia, is one of the country’s richest men and most high profile international investors. More recently he has been eclipsed by the kingdom’s sovereign wealth fund, chaired by his cousin, Crown Prince Mohammed bin Salman, which acquired a 16.9% stake in Kingdom Holding Co. in May.
Saudi billionaire Prince Alwaleed Bin Talal invested more than $500 million in Russian firms in the days around Moscow’s invasion of Ukraine.
Prince Alwaleed’s investment firm, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on Feb. 24.
No specific dates for the investments were given, and the Saudi firm didn’t respond to questions about whether it still owned them. The value of all those depositary receipts dropped rapidly after the war began, when trading in Moscow was halted and western sanctions were imposed on Russia.
Alwaleed, whose grandfather was the founder of modern Saudi Arabia, is one of the country’s richest men and most high profile international investors. More recently he has been eclipsed by the kingdom’s sovereign wealth fund, chaired by his cousin, Crown Prince Mohammed bin Salman, which acquired a 16.9% stake in Kingdom Holding Co. in May.
#Kuwait's Agility H1 profits jump 71.5% to $93.9mln
Kuwait's Agility H1 profits jump 71.5% to $93.9mln
Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, has reported first half 2022 earnings of 11.41 fils per share on a net profit of KD28.8 million ($93.94 million).
Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5% from KD16.8 million to KD28.8 million. EBITDA increased 21.5% to KD71 million, and revenue grew 22.9% to KD270.5 million.
For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD 16.1 million. Net profits from continuing operations increased 2% from the same period last year. EBITDA was KD37 million, a decline of 4.1%. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6%. Revenue grew 23.4% to KD138.4 million, the company said.
Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, has reported first half 2022 earnings of 11.41 fils per share on a net profit of KD28.8 million ($93.94 million).
Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5% from KD16.8 million to KD28.8 million. EBITDA increased 21.5% to KD71 million, and revenue grew 22.9% to KD270.5 million.
For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD 16.1 million. Net profits from continuing operations increased 2% from the same period last year. EBITDA was KD37 million, a decline of 4.1%. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6%. Revenue grew 23.4% to KD138.4 million, the company said.
#Saudi Tadawul Group reports 24% decline in profit on higher expenses | Reuters
Saudi Tadawul Group reports 24% decline in profit on higher expenses | Reuters
Saudi Tadawul Group (1111.SE), the bourse's owner and operator, on Sunday reported an almost 24% decline in second-quarter profit as expenses, including salaries, rose.
Net profit in the quarter ended June 30 fell to 137.7 million riyals ($36.68 million) from a 181.1 million riyals in the year-earlier period.
The group said operating expenditures increased 16.6% year on year to 160.6 million riyals in the quarter mainly because of an increase in salaries and related benefits.
Saudi Tadawul Group (1111.SE), the bourse's owner and operator, on Sunday reported an almost 24% decline in second-quarter profit as expenses, including salaries, rose.
Net profit in the quarter ended June 30 fell to 137.7 million riyals ($36.68 million) from a 181.1 million riyals in the year-earlier period.
The group said operating expenditures increased 16.6% year on year to 160.6 million riyals in the quarter mainly because of an increase in salaries and related benefits.
#Saudi Aramco profit soars on higher prices and refining margins | Reuters
Saudi Aramco profit soars on higher prices and refining margins | Reuters
State oil giant Saudi Aramco (2222.SE) reported a soaring 90% rise in second-quarter profit on Sunday, beating analyst expectations and propelled by higher oil prices, volumes sold and refining margins.
The company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts," Aramco chief executive Amin Nasser said in the earnings report.
Aramco's net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.
Analysts had expected a net profit of $46.2 billion, according to the mean estimate from 15 analysts.
It declared a dividend of $18.8 billion in the second quarter, in line with its own target, which will be paid in the third quarter.
Aramco shares have risen over 25% this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.
State oil giant Saudi Aramco (2222.SE) reported a soaring 90% rise in second-quarter profit on Sunday, beating analyst expectations and propelled by higher oil prices, volumes sold and refining margins.
The company expects "oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts," Aramco chief executive Amin Nasser said in the earnings report.
Aramco's net profit rose to 181.64 billion riyals ($48.39 billion) for the quarter to June 30 from 95.47 billion riyals a year earlier.
Analysts had expected a net profit of $46.2 billion, according to the mean estimate from 15 analysts.
It declared a dividend of $18.8 billion in the second quarter, in line with its own target, which will be paid in the third quarter.
Aramco shares have risen over 25% this year as oil and natural gas prices have scaled multi-year highs after Western sanctions against major exporter Russia squeezed an already under-supplied global market.