Energy Air Products profit beats estimates on Jazan project By Reuters November 8, 2023 Reuters Quarterly earnings from its Middle East and India segment grew 44 percent to $91 million in the quarter Industrial gas manufacturer Air Products and Chemicals beat fourth-quarter profit estimates on Tuesday, boosted by growth in its Jazan project in Saudi Arabia and higher LNG equipment sales. The Jazan project is a joint venture between the company and Acwa Holding to serve Saudi Aramco’s Jazan Refinery. The facility processes 400,000 barrels of crude oil per day to make products including ultra-light sulfur diesel and gasoline. The venture operates the facility under a 25-year contract for a fixed monthly fee. Quarterly earnings from its Middle East and India segment grew 44 percent to $91 million in the quarter. The company also benefited from higher sales of equipment used in the liquefaction of natural gas. CEO Seifi Ghasemi said the business showed stability and resilience “despite challenging economic conditions” in the quarter. It reported adjusted profit of $3.15 per share, beating estimates of $3.12 per share. Air Products forecast fiscal 2024 adjusted earnings of between $12.80 and $13.10 per share, the midpoint of which was higher than estimates of $12.85.
