Thursday, July 29, 2021

300 billion riyals expected annual profit for Aramco.. The Saudi index breaks the chain of losses

The main index “TASI” of the Saudi stock market, “Tadawul”, ended a series of losses that lasted 5 sessions, with the announcement of the results of the oil giant, Saudi Aramco, about to be announced.

The “TASI” index closed Monday’s session, up 0.1%, to gain 10.2 points, and close at 10,698.54 points, with transactions exceeding 8.5 billion riyals.

In an interview with Al Arabiya, a financial market expert, Abdullah Al-Rabadi, expected that Saudi Aramco would achieve 85 billion riyals of net profit for the second quarter of this year.

Al-Rabadi added that estimates indicate that Aramco will achieve this value from the quarterly profits, bringing the half profits (for the first and second quarters of 2021) to equal 90% of what Aramco achieved for the year 2020, which was an exceptional year for most companies in the world, due to the impact of the Corona pandemic.

He also expected that Aramco would achieve annual profits for the current year, about 300 billion riyals, an increase over the expected total distributions of 280 billion riyals, explaining that this increase would enhance the company’s expansion plans, and would include alongside sources of financing investments.

He said that Aramco is expected to inject investments of approximately 150 billion riyals for the current year, and the financing of investments will be from several sources such as operational activity, financing and selling assets through its approved expansion financing program.

Saudi Aramco was Today, Monday, it announced that it will announce its main financial results and dividends for the second quarter of 2021On Sunday, August 8, 2021.

Aramco added in a statement that the announcement will be made before the opening of the Tadawul market, in line with the conditions of the Saudi Capital Market Authority.

The company stated that it will publish the initial report for the second quarter and the first half of 2021, including the full financial statements, on Monday, August 9, 2021.

Major bourses in the Gulf region rose in early trading Monday, with financial sector shares leading the gains.

Last week, Bupa Arabia announced the acquisition of a health insurance contract from the largest petrochemical company in the Gulf, the Saudi Basic Industries Corporation (SABIC). The contract is expected to have a positive impact on the company’s financial results for the current year.

The Dubai index rose 0.1%, supported by a 0.4% gain for the emirate’s largest bank, Emirates NBD, and a 0.3% increase for Emaar Properties.

Shuaa Capital advanced 2.9%.

In a clarification to a press report, Shuaa said that it is in the initial stage of studies and talks with investment banks regarding the possibility of establishing a special purpose unit.

In Abu Dhabi, the index rose 0.5%, thanks to a 0.6% gain of Etisalat.

Separately, the Abu Dhabi Stock Exchange said Yahsat’s shares will be listed on the main market starting July 14.

And the initial public offering of Mubadala’s satellite company is about to raise about 2.68 billion dirhams ($729.69 million) after pricing the deal near the middle of the indicative price.

The Qatari index advanced 0.1% and Qatar National Bank increased 0.3%.

The bank announced that net profit in the second quarter amounted to 3.464 billion Qatari riyals ($939.36 million), up from 2.824 billion riyals a year ago.

Second-quarter net profit beat analysts’ expectations for a 22.7% jump, thanks to loan growth and a sharp increase in fee income.

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