{"id":616784,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/","title":{"rendered":"An almost record year for Saudi Aramco, despite waning oil prices and production cuts"},"content":{"rendered":"

Saudi\u2019s Ara<\/strong>mco recorded its second-highest net income in 2023<\/strong>, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant\u2019s latest <\/a>earnings release (pdf)<\/a>. The firm\u2019s revenues also decreased by 18% y-o-y to USD 440 bn over the same period, the company said in <\/a>a Tadawul filing<\/a>.<\/p>\n

And dividends were up 30% throughout the year<\/strong>, with USD 98 bn paid out to shareholders. The Saudi government \u2014 which owns 82% of Aramco \u2014 relies heavily on the oil giant\u2019s lofty payouts, including royalties and tax, to bridge a widening budget deficit and finance its diversification away from oil, as Crown Prince Mohamed Bin Salman looks to diversify the economy.<\/p>\n

Market reax: <\/strong>Aramco\u2019s shares were up 1.4% to SAR 32.20 a share by the end of trading yesterday.<\/p>\n

ALSO FROM THE KINGDOM-<\/strong> It\u2019s not just Egyptian companies that have been heading to <\/strong>KSA: <\/strong>Some 350 multinational companies \u2014 including PepsiCo, Boeing, PwC, and Unilever \u2014 have set up regional headquarters in Saudi Arabia to be eligible to bid on government contracts as required by the country\u2019s regional headquarters program<\/a>. Big banks have been slower to join the program, citing regulatory concerns. (Financial Times<\/a>)<\/p>\n

\n

\n

GLOBAL MARKETS this morning: <\/strong>Hong Kong\u2019s Hang Seng is the only Asian benchmark in the green this morning (+1.4% at dispatch time) as Asian shares sagged on the first day of trading this week. The Nikkei leads the losers, down 2.2% as we prepared to hit \u201csend\u201d on this morning\u2019s issue. <\/p>\n

The look ahead: <\/strong>Stock futures are down slightly after the Dow posted its worst week since October 2024. European benchmarks also seem set for a soft open later today. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

32,920<\/p>\n<\/td>\n

\n

+5.2% (YTD: +32.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.09<\/p>\n<\/td>\n

\n

Sell 49.22<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 49.15<\/p>\n<\/td>\n

\n

Sell 49.25<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,619<\/p>\n<\/td>\n

\n

+0.3% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,234<\/p>\n<\/td>\n

\n

+0.1% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,253<\/p>\n<\/td>\n

\n

+0.4% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,124<\/p>\n<\/td>\n

\n

-0.7% (YTD: +7.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,660<\/p>\n<\/td>\n

\n

-0.4% (YTD: -1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,961<\/p>\n<\/td>\n

\n

-0.3% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.81<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.83<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,183<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 68,648<\/p>\n<\/td>\n

\n

+0.2% (YTD: +62.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 5.2% at yesterday\u2019s close<\/strong> on turnover of EGP 7.5 bn (62.5% above the 90-day average). Local investors were net buyers. The index is up 32.2% YTD.<\/p>\n

In the green: <\/strong>Fawry (+20.0%), E-Finance (+20.0%), and Elsewedy Electric (+10.9%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding (-4.2%), GB Corp (-3.3%), and Delta Sugar (-2.5%).<\/p>\n

\n

CORPORATE ACTIONS-<\/p>\n

Misr Fertilizers Production Company (MOPCO) is paying out a dividend of EGP <\/strong>2.0<\/strong> per share<\/strong> on its 2023 earnings after its general assembly approved the decision, according to an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s Aramco recorded its second-highest net income in 2023, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant\u2019s latest earnings release (pdf). The firm\u2019s revenues also decreased by 18% y-o-y to USD 440 bn over the same period, the company said in a Tadawul […]<\/p>\n","protected":false},"author":1,"featured_media":616785,"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":[394,72,119,1434,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-aramco","tag-enterpriseam","tag-financial-markets","tag-mopco","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"880dd11c-3778-4d88-80fa-5a6ec117c65c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/835.jpg","photo_position":"above","homepage_title":"","full_issue_title":"An almost record year for Saudi Aramco, despite waning oil prices and production cuts","related_issue":[616761],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.6c36746c-dbb8-47b3-97a1-dae2e829ff74.mp3"},"yoast_head":"\nAn almost record year for Saudi Aramco, despite waning oil prices and production cuts - 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\/2024\/03\/11\/an-almost-record-year-for-saudi-aramco-despite-waning-oil-prices-and-production-cuts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An almost record year for Saudi Aramco, despite waning oil prices and production cuts\" \/>\n<meta property=\"og:description\" content=\"Saudi\u2019s Aramco recorded its second-highest net income in 2023, despite falling 25% y-o-y to USD 121 bn on waning oil prices and lower output, according to the oil giant\u2019s latest earnings release (pdf). 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The oil giant\u2019s net income soared 90%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546504,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/aramco-could-deliver-one-of-the-worlds-biggest-ipos-this-year\/","url_meta":{"origin":616784,"position":1},"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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