Saudi Aramco, the world's largest oil-producing company, has reported a 23 per cent drop in third-quarter net profit amid the kingdom's voluntary production cuts and a fall in crude prices.
Net profit after zakat for the three-month period to the end of September fell to 122.2 billion Saudi riyals ($32.58 billion), from 159 billion riyals in the same period in the previous year, the state oil company said on Tuesday in a filing to the Tadawul stock exchange, where its shares are traded.
Revenue during the period also declined by 22 per cent to 424 billion riyals, Aramco said.
“Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers,” said Aramco president and chief executive Amin Nasser.
Brent, the benchmark for two thirds of the world’s oil, surged to about $140 a barrel after the invasion of Ukraine last year, but has since given up most of its gains due to resilient Russian crude supply and fuel demand concerns.
However, the international benchmark rose by more than 22 per cent in the third quarter as Opec+ production cuts, combined with voluntary output reductions by Saudi Arabia and Russia, tightened crude supplies.
On Sunday, Saudi Arabia said it would continue with its voluntary cut of one million barrels per day until December 2023 amid continued volatility in the crude market due to the Israel-Gaza war.
The kingdom’s production in December will be about nine million bpd, the state-run SPA reported, citing a source from the Energy Ministry.
“This voluntary cut decision will be reviewed next month to consider extending the cut, deepening the cut or increasing production,” the source said.
Moscow will also keep in place export cuts of 300,000 bpd, which came into effect in September and October, until the end of the year.
The company said its average realised crude oil prices in the third quarter fell to $89.30 a barrel from $101.70 a barrel in the same period a year earlier.
Under the World Bank’s baseline forecast, oil prices are projected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year amid a global economic slowdown.
Earlier this month, Goldman Sachs maintained its oil price forecast of $100 a barrel by June 2024 on supply cuts from Saudi Arabia and Russia.
Swiss lender UBS expects Brent crude to trade in the range of $90 to $100 a barrel over the next 12 months.
Aramco, whose shares have gained about 14 per cent on the Tadawul this year, said it would pay a base dividend of $19.5 billion for the third quarter.
Its shares were up 0.3 per cent on Tuesday at 33.55 riyals.
Its first performance-linked dividend distribution of $9.9 billion was paid in the third quarter and the second distribution of about $9.9 billion will be paid in the fourth quarter based on combined full-year and nine-month results for 2022 and 2023, respectively.
The dividends “reflect the bullish outlook Aramco still has, [aligning with the] voluntary cuts and intervention by Opec + members”, Mazen Salhab, chief market strategist at BDSwiss Mena, told The National.
“We think that Aramco remains committed to expansion, acquisition with more diversification in energy sector despite the challenges ahead from China’s weakening demand and [the] global energy transformation,” he said.
In September, Aramco signed agreements to acquire a minority stake in LNG company MidOcean Energy.
Competition for LNG has increased since Russia's invasion of Ukraine last year, with Europe importing record volumes of the supercooled fuel to replace Moscow's gas supplies.
“During the third quarter we agreed to make our first international investment in liquefied natural gas to capitalise on rising LNG demand, and announced our intention to enter the South American retail market,” Mr Nasser said.
“These planned investments demonstrate the scale of our ambition, the broad scope of our activities and the disciplined execution of our strategy.”
Aramco's capital expenditure in the third quarter rose to 41.35 billion riyals ($11.02 billion) from 33.9 billion riyals a year earlier.
Free cash flow was 76.28 billion riyals ($20.33 billion) in the latest reported quarter, compared with 168.62 billion riyals in the third quarter of last year.
The company plans to continue investing across the hydrocarbon chain and adopt technology to optimise operations and support the development of emerging energy solutions, Mr Nasser said.
“It is an approach rooted in our belief that a balanced and realistic energy transition plan should consider the needs of all geographies, in order to avoid disparities between global energy consumers.”
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
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On sale: from January 2022
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
What are the influencer academy modules?
- Mastery of audio-visual content creation.
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- All aspects of post-production.
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- Tourism industry knowledge.
- Professional ethics.
Killing of Qassem Suleimani
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Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
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- Use unique usernames and passwords while enabling multi-factor authentication.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
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The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
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- Ethan Nwaneri (Arsenal)
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15 years, 235 days old
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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2252 – Dh 50
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6027 – Dh 100
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The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
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