Energy Aramco reports record 2022 profit at $161bn on higher prices By Pramod Kumar March 13, 2023, 5:45 AM Aramco Saudi Aramco announced on Tuesday that it would not be raising its production capacity as previously planned Board recommends issuing bonus shares to eligible shareholdersAramco declares $19.5 billion dividend for Q4 2022 Saudi’s Aramco reported a record net profit of $161.1 billion in 2022, up 46 percent year-on-year, on stronger crude oil prices, higher volumes sold and improved margins for refined products. Average hydrocarbon production was 13.6 million barrels of oil equivalent per day, including 11.5 million barrels per day of total liquids, in 2022. The Saudi Exchange-listed company continued its strong track record of supply reliability by delivering crude oil and other products with 99.9 percent reliability last year. “Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real, including contributing to higher energy prices,” Aramco’s CEO Amin Nasser said in the 2022 financial statement. Q4 2022 net income came in line with analyst estimates, excluding certain non-cash items of around $3.3 billion. Aramco said plans to up crude production capacity to 13 million barrels per day (bpd) by 2027 are on track. Aramco’s capital expenditure rose 18 percent to $37.6 billion last year, expecting 2023 spending to be around $45-$55 billion, including external investments. “Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions — in our own operations and for end users of our products,” Nasser stated. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of four percent from Q3. In addition, the company’s board recommended issuing bonus shares, with eligible shareholders receiving one share for every 10 shares owned. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021.
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 33 mins ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 33 mins ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 49 mins ago
Banking & Finance Iraq hires EY to explore restructuring of state banks Iraq is considering merging its two largest state banks as part of a restructuring plan prompted by a sharp erosion of their assets over recent years because of accumulating non-performing loans, local media has reported. London-based auditing firm Ernst & Young (EY) is conducting a study on the restructuring of the Rafidain and Rasheed banks […] 52 mins ago
