{"id":548606,"date":"2022-08-15T04:00:35","date_gmt":"2022-08-15T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/"},"modified":"2022-08-15T04:00:35","modified_gmt":"2022-08-15T04:00:35","slug":"aramco-profits-surge-90-in-2q-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","title":{"rendered":"Aramco profits surge 90% in 2Q 2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>EARNINGS WATCH- <\/strong><\/p>\n<p><strong>#1- Saudi Aramco\u2019 posts record net income amid spiraling oil prices: <\/strong>Saudi Aramco reported record 2Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its <a href=\"https:\/\/www.aramco.com\/-\/media\/publications\/corporate-reports\/saudi-aramco-h1-2022-results-press-release-english.pdf\">earnings release (pdf)<\/a> yesterday. The oil giant\u2019s net income soared 90% y-o-y in 2Q 2022 to USD 48.4 bn, and 86% to USD 87.9 bn in the first six months of the year.<\/p>\n<p><strong>This comes as no surprise:<\/strong> Oil prices have soared in the wake of Russia\u2019s invasion of Ukraine, remaining above USD 100 a barrel for much of the past six months and briefly nearing a record high in March.<\/p>\n<p><strong>#2- ACWA Power profits up more than 20%: <\/strong>Saudi renewables giant ACWA Power\u2019s net income rose 21% y-o-y to SAR 542 mn (EGP 2.8 bn) during the first six months of the year, according to its <a href=\"https:\/\/ent.news\/2022\/8\/ap-q2-2022-financial-results-eng-final.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>WATCH THIS SPACE #1- <\/strong><strong>Does buyback drought spell trouble for US stocks?<\/strong> Ten US firms have pulled plans for stock buybacks due to fears of recession in what analysts say is a \u201cvery, very rare phenomenon\u201d \u2014 threatening one of the equity market\u2019s biggest sources of demand. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-13\/stock-market-recovery-faces-a-new-hurdle-as-record-buybacks-slow?srnd=premium-middle-east\">Bloomberg<\/a>)<\/p>\n<p><strong>WATCH THIS SPACE #2- <\/strong><strong>Is the cryptowinter thawing?<\/strong> BTC briefly exceeded USD 25k for the first time since mid-June yesterday thanks to a cooler US inflation reading and optimism over a <a href=\"https:\/\/www.coindesk.com\/learn\/what-is-the-merge-and-why-has-it-taken-so-long\/\">major upgrade<\/a> from Ether. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-14\/bitcoin-trades-above-25-000-for-first-time-since-mid-june?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)<\/p>\n<p><strong>CLOSER TO HOME-<\/strong><\/p>\n<ul>\n<li><strong>Prince Mohamed to become #2 Emaar shareholder:<\/strong> Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum is set to become Emaar Properties\u2019 second-biggest shareholder as part of a USD 2 bn transaction that will see the developer buy out its JV partner in a key project in the city. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-12\/dubai-ruler-gets-chunk-of-top-developer-emaar-in-2-billion-deal?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)<\/li>\n<li><strong>Prince Alwaleed went long on Russia following Ukraine invasion: <\/strong>Saudi b\u2019naire Prince Alwaleed bin Talal invested almost SAR 2 bn (c. USD 526 mn) in Russian energy companies in the days around Moscow\u2019s invasion of Ukraine. A disclosure published on the Saudi stock exchange yesterday showed the tycoon\u2019s investment firm Kingdom Holding invested in Gazprom, Rosneft and Lukoil in February and March, though it\u2019s not clear whether it still owns stakes. (<a href=\"https:\/\/ent.news\/2022\/8\/7873_463_2022-08-14_03-00-04_en.pdf\">Filing, pdf<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,984<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.09<\/p>\n<\/td>\n<td>\n<p>Sell 19.20<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.12<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,514<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,246<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +20.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,395<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,280<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: -10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,501<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,777<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: -12.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 98.15<\/p>\n<\/td>\n<td>\n<p>-1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.77<\/p>\n<\/td>\n<td>\n<p>-1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,815.50<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 24,342<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -47.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 was essentially flat at yesterday\u2019s close<\/strong> on turnover of EGP 1.45 bn (45.4% above the 90-day average). Local investors were net buyers. The index is down 16.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>AMOC (+5.1%), Telecom Egypt (+3.9%) and Housing and Development Bank (+3.4%).<\/p>\n<p><strong>In the red: <\/strong>Ibnsina Pharma (-3.6%), Egyptian Kuwaiti Holding-EGP (-2.3%) and EFG Hermes (-1.6%).<\/p>\n<p><strong>Asian markets having a mixed start to the week<\/strong>, with Chinese equities having a downbeat reaction to a surprise rate cut by the People\u2019s Bank of China this morning and stocks in Japan, Australia and New Zealand comfortably in the green. Shares in the US and Europe are on course for a similarly mixed open later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EARNINGS WATCH- #1- Saudi Aramco\u2019 posts record net income amid spiraling oil prices: Saudi Aramco reported record 2Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release (pdf) yesterday. The oil giant\u2019s net income soared 90% y-o-y in 2Q 2022 to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1042,394,344,302,2096,93,72,119,91,122,151,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548606","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-acwa-power","tag-aramco","tag-cryptocurrency","tag-earnings","tag-emaar-properties","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","tag-renewables","tag-uae","wpautop","entry"],"acf":{"mongo_id":"595a39d2-7d18-4549-9d67-277b456070cd","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548585],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aramco profits surge 90% in 2Q 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco profits surge 90% in 2Q 2022\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- #1- Saudi Aramco\u2019 posts record net income amid spiraling oil prices: Saudi Aramco reported record 2Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release (pdf) yesterday. The oil giant\u2019s net income soared 90% y-o-y in 2Q 2022 to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-15T04:00:35+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Aramco profits surge 90% in 2Q 2022\",\"datePublished\":\"2022-08-15T04:00:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\"},\"wordCount\":519,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"ACWA Power\",\"Aramco\",\"cryptocurrency\",\"earnings\",\"Emaar Properties\",\"energy\",\"EnterpriseAM\",\"Financial Markets\",\"oil and gas\",\"Planet Finance\",\"renewables\",\"UAE\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/\",\"name\":\"Aramco profits surge 90% in 2Q 2022 - 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The oil giant\u2019s net income soared 90% y-o-y in 2Q 2022 to [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-08-15T04:00:35+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Aramco profits surge 90% in 2Q 2022","datePublished":"2022-08-15T04:00:35+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/"},"wordCount":519,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["ACWA Power","Aramco","cryptocurrency","earnings","Emaar Properties","energy","EnterpriseAM","Financial Markets","oil and gas","Planet Finance","renewables","UAE"],"articleSection":["PLANET FINANCE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/","name":"Aramco profits surge 90% in 2Q 2022 - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2022-08-15T04:00:35+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/aramco-profits-surge-90-in-2q-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Aramco profits surge 90% in 2Q 2022"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":546504,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/aramco-could-deliver-one-of-the-worlds-biggest-ipos-this-year\/","url_meta":{"origin":548606,"position":0},"title":"Aramco could deliver one of the world\u2019s biggest IPOs this year","author":"enterpriseam admin","date":"18 May 2022","format":false,"excerpt":"Saudi Aramco is considering an IPO of its trading unit in a transaction that could be worth more than USD 30 bn, putting it on track to become one of the world\u2019s biggest listings this year, Bloomberg reports, citing people in the know. 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