{"id":89876,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/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\/uae\/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 Aramco recorded its <\/strong>second-highest annual net income<\/strong> ever 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

KSA is attracting more international companies to set up HQs:<\/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

<\/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

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

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

3,696<\/p>\n<\/td>\n

\n

+0.1% (YTD: -3.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5.0% o\/n<\/p>\n<\/td>\n

\n

5.2% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

12,618<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

32,919<\/p>\n<\/td>\n

\n

+5.17% (YTD: +32.2%)<\/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 2,178<\/p>\n<\/td>\n

\n

0.0%<\/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

THE CLOSING BELL-<\/strong><\/p>\n

The DFM rose 0.4% yesterday<\/strong> on turnover of AED 773.9 mn. The index is down 3.6% YTD.<\/p>\n

In the green: <\/strong>Gulf Cement (+9.8%), Hayah Ins. (+6.8%) and Sharjah Cement and Industrial Development (+4.6%).<\/p>\n

In the red: <\/strong>Foodco National Foodstuff (-8.0%), E7 Group (-5.0%) and Aram Group (-4.5%). <\/p>\n

Over on the ADX<\/strong>, the index closed up 0.1% on turnover of AED 258.4 mn. Meanwhile Nasdaq Dubai rose 0.1%.<\/p>\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

\n

CORPORATE ACTIONS-<\/p>\n

Bayanat\u2019s board of directors is set to approve its <\/strong>merger with Yahsat<\/a><\/strong> as well as <\/strong>changing Bayanat's legal name to Space42<\/strong>, according to an ADX filing (pdf)<\/a>. The board will review the decisions at its meeting tomorrow.<\/p>\n

Abu Dhabi Commercial Bank approved distributing dividends of 0.56 AED per <\/strong>share<\/strong> to shareholders for 2023, totaling AED 4.09 bn, according to an<\/a>ADX<\/a>disclosure (pdf)<\/a>. The bank also approved the renewal of a debt issuance program and the creation of new programs, with a cap of USD 8 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi\u2019s Aramco recorded its second-highest annual net income ever 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 […]<\/p>\n","protected":false},"author":1,"featured_media":89877,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1553],"tags":[1019,7,48,1020,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-aramco","tag-enterpriseam-uae","tag-financial-markets","tag-mopco","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"33d77ac9-396c-44f7-b4d9-3c9a9c3f25a3","is_powered_by":false,"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":[89858],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.3f052b29-80b4-4020-8022-8255eb759dd8.mp3"},"yoast_head":"\nAn almost record year for Saudi Aramco, despite waning oil prices and production cuts - UAE<\/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\/uae\/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 annual net income ever 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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