Budget Saudi posts 5% net profit rise to $50.1m in 2020

Budget Saudi posts 5% net profit rise to $50.1m in 2020
The company attributed the profit rise to higher sales. (Argaam)
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Updated 07 February 2021

Budget Saudi posts 5% net profit rise to $50.1m in 2020

Budget Saudi posts 5% net profit rise to $50.1m in 2020

United International Transportation Co. (Budget Saudi) reported a net profit after Zakat and tax of SR 187.9 million ($50.1 million) for 2020, up 5 percent, compared to SR 178.6 million in the previous year.

The company attributed the profit rise to higher sales, as more vehicles were sold with improved margin in the second half of the year, which in turn compensated for the reduction in lease and rental revenue loss due to COVID-19.

Q4 2020 net profit after Zakat and tax rose 64 percent year-on-year (YoY) to SR 79.4 million.


Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 
Updated 14 sec ago

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the Kingdom might reach the net carbon zero target ahead of the 2060 mark. 

The minister was building on earlier statements by the Saudi Crown Prince Mohammed bin Salman during the Saudi Green Initiative in Riyadh. 

Carbon reduction efforts, including investing in renewable energy and the circular economy, will help the Kingdom achieve this goal, the energy minister said. 


Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman
Updated 25 min 7 sec ago

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman said the Kingdom aims to achieve net carbon neutrality by 2060, during the Saudi Green Initiative forum in Riyadh on Saturday.


What to expect at the Saudi Green Initiative forum today 

What to expect at the Saudi Green Initiative forum today 
Updated 23 October 2021

What to expect at the Saudi Green Initiative forum today 

What to expect at the Saudi Green Initiative forum today 
  • Crown Prince Mohammed bin Salman is launching the forum to announce the Kingdom’s new “green” objectives

DUBAI: The Saudi Green Initiative forum in Riyadh is happening today, with high-profile government leaders and international personalities taking the stage to discuss the Kingdom’s environmental efforts. 

Crown Prince Mohammed bin Salman is opening the forum to announce the Kingdom’s new “green” objectives. 

His remarks will be followed by fireside chat with Prince Abdulaziz bin Salman bin Abdulaziz Al-Saudi, the Kingdom’s energy minister. 

Other Saudi ministers are also speaking at the forum, exploring specific themes around business and the environment, marine and ocean life, and the oil and gas industry. 

Big corporate icons, including Paddy Padmanathan of ACWA Power and Jasper Graf of Daystar Power US, are also participating in the forum.  


Bitcoin slips from record high as ETF mania subsides

Bitcoin slips from record high as ETF mania subsides
Updated 22 October 2021

Bitcoin slips from record high as ETF mania subsides

Bitcoin slips from record high as ETF mania subsides
  • JPMorgan analysts doubted whether the ETF will attract much new money into bitcoin

RIYADH: Cryptocurrencies declined on Friday following an ETF-fueled rally that saw it reach a record $67,016 on Wednesday, as investors questioned whether the new investment vehicle will attract as much new money to the assets as some have speculated.

Bitcoin, the world’s largest cryptocurrency, was trading at $63,498.16 as of 3:36 p.m. in Riyadh, a drop of 2.5 percent over the previous 24 hours. Ethereum, was 2.0 percent lower at $4,125.40 after approaching its all-time high of $4,380 from May.

Bitcoin’s recent rally — six-months after its previous top of $64,895 — was fueled by the debut of the ProShares Bitcoin Strategy ETF.

A dozen other futures-based bitcoin ETFs could launch in the coming months, with The Valkyrie Bitcoin Strategy ETF set to begin trading on Friday under the ticker BTF. The VanEck Bitcoin Strategy ETF expected to begin trading next week under the ticker XBTF.

Investors have bet the long-awaited launch of bitcoin ETFs will lead to greater investment from both retail and institutional investors, but analysts at JPMorgan suggested in a note that the ProShares ETF could have limited effect on investment volumes because there are so many options for investors already.

The ProShares ETF has created a significant shift in the balance of power among cryptocurrency exchanges. The Chicago Mercantile Exchange (CME), host to the ETF, has replaced Binance as the world’s biggest bitcoin futures platform this week.

As of 2 p.m. Riyadh time, the CME accounted for 22 percent, or $5.68 billion, of the total global futures open interest of $25.7 billion, while Binance contributed $5.66 billion, CoinDesk reported.

The value of funds held in CME-based futures contracts have tripled this month, with more than $1.5 billion flowing into the market after ProShares’ bitcoin ETF went live on Tuesday, CoinDesk said.

Elsewhere in the cryptoverse, Worldcoin said yesterday it raised $25 million from investors including Andreessen Horowitz, CoinBase Ventures and Digital Currency Group, valuing it at $1 billion.

The rather unique proposition is that coins are distributed in exchange for staring into an orb, which takes a scan of your retinas.

Based in Berlin, Worldcoin was founded by former Y Combinator President Sam Altman. It currently has 70 employees and 30 orbs, which it takes out into the world to offer worldcoins. It plans to ramp up orb production to 4,000 per month from November.

So far, about 130,000 people have stared into the orb, has a cap of 10 billion coins with the aim of giving one to every person on earth with the remaining 2 billion set aside for the Worldcoin Foundation and investors.


Oil stays near $85 a barrel, Brent set for seventh weekly gain

Oil stays near $85 a barrel, Brent set for seventh weekly gain
Image: Shutterstock
Updated 22 October 2021

Oil stays near $85 a barrel, Brent set for seventh weekly gain

Oil stays near $85 a barrel, Brent set for seventh weekly gain
  • Prices have been boosted by worries about coal and gas shortages in China, India and Europe

Oil prices stayed near multi-year highs on Friday, erasing some earlier losses in Asian trading hours, with concerns about tight supply and stockpiles fuelling bullish sentiment.


Brent crude futures rose 23 cents, or 0.3 percent, to $84.84 a barrel at 0933 GMT, after Thursday's three-year high of $86.10. The benchmark is set for its seventh weekly gain.


U.S. West Texas Intermediate (WTI) crude futures gained 20 cents, or 0.2%, to reach $82.70 a barrel, not far off a seven-year high hit this week.


Prices have been boosted by worries about coal and gas shortages in China, India and Europe, spurring some power generators to switch from gas to fuel oil and diesel.


Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration forecast.


"Crude oil's sharp rise may make it vulnerable to profit taking, however, a substantial correction may not happen unless global energy crisis subsides," said Ravindra Rao, vice president for commodities at Kotak Securities.


"Global gas and coal prices have eased but concerns persist with tighter market and higher demand winter season around the corner."


U.S. crude found support this week as investors eyed low crude stocks at the U.S. storage hub in Cushing, Oklahoma.


U.S. Energy Information Administration data on Wednesday showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018.


"America’s gasoline demand appears to be experiencing an Indian summer," PVM analysts said in a note, pointing to the highest implied demand for this time of year since 2007 despite high pump prices.