ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 

ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 
The half-yearly revenue of ADNOC Drilling, a unit of Abu Dhabi National Oil Co., increased 13 percent at the end of June to $1.27 billion. (Supplied)
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Updated 09 August 2022

ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 

ADNOC Drilling’s profit surges 34% to $379m on revenue boost in H1 

RIYADH: Abu Dhabi-based ADNOC Drilling’s net profit surged 34 percent to $379 million in the first half of 2022, as the firm’s revenue rose amid a continued fleet expansion program.

The half-yearly revenue of ADNOC Drilling, a unit of Abu Dhabi National Oil Co., increased 13 percent at the end of June to $1.27 billion, according to a press release.

The release added that the net profit to $204.85 million, while the revenue increased 11 percent to $669 million in the second quarter of 2022. 

The company’s board has also approved an interim dividend rise of 5 percent to $341 million, which translates into 7.83 fils per ordinary share. 

“Excellent half-year results and successful strategic execution are testaments to the vital role that the company is playing in enabling significant production capacity growth for ADNOC as well as the UAE’s objective to achieve gas self-sufficiency,” said Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and chairman of ADNOC Drilling. 

Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling said: “The rigs we have added to our fleet in the first half will support us in delivering on our resolute commitments to our shareholders, including ADNOC, as it works toward its production capacity targets and gas self-sufficiency for the UAE.” 


Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023
Updated 17 sec ago

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

Saudi Arabia to host ICAO Air Services Negotiation conference in  2023

RIYADH: Saudi Arabia will host the 15th International Conference on Air Services Negotiations of the International Civil Aviation Organization in December 2023, in Riyadh, as the Kingdom leapfrogs in the aviation sector in line with the goals outlined in its Vision 2030. 

Saleh Al-Jasser, Saudi Arabian Minister of Transport and Logistics, said that the conference will be an important platform for member states to discuss ways of organizing and managing the air transport sector, Saudi Press Agency reported. 

“Choosing the Kingdom to host the International Conference on Air Services Negotiations 2023 is an affirmation of the Kingdom’s position and its effective contributions in the aviation sector at the global level, and in appreciation of its efforts to enhance air connectivity in line with the National Strategy for Transport and Logistics Services, which is based on the Kingdom’s Vision 2030,” Al-Jasser added. 

Meanwhile, Saudi Arabia has been elected to the membership of the Council of ICAO for the period 2023-2024-2025. 

The decision was made during the 41st General Assembly of the organization held in Montreal, Canada. 

The Kingdom was reelected after a voting process with the participation of 193 member states of the UN to find a position in the ICAO Council comprising 36 members. 

“Since the establishment of the first airline in the Kingdom in 1945, the Kingdom, with the unlimited support of the wise leadership, has proven its commitment and tireless work toward the sector of aviation both domestically and internationally,” Al-Jasser further said. 

He added that the Kingdom is now working in line with the vision of Crown Prince Mohammed bin Salman by consolidating its global leadership role in the sector. 

The civil aviation strategic plan is one of the most crucial goals outlined in Vision 2030. 

According to the civil aviation strategic plan, the Kingdom is aiming for 330 million passengers annually and 250 destinations around the world by 2030.


TASI starts the week higher as traders watch the market: Opening bell

TASI starts the week higher as traders watch the market: Opening bell
Updated 02 October 2022

TASI starts the week higher as traders watch the market: Opening bell

TASI starts the week higher as traders watch the market: Opening bell

RIYADH: The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session. 

This is despite closing the last session of September in green, with a 2.11 percent gain.

Other Gulf markets also ended Thursday’s session in green. The Qatari index closed 1.2 percent higher while Abu Dhabi’s index added 0.4 percent.

In spite of this, there was a 0.8 percent drop in Dubai’s main share index.

Outside the Gulf, Egypt’s blue-chip index climbed 1.3 percent on Thursday, reversing six straight losses.

Stock news

Nahdi Medical Co. established Al-Sakhaa Integrated Solutions Co., owned by its subsidiaries in Egypt, to support the company's business and strategy.

The Saudi Paper Manufacturing Co. signed SR166 million ($44 million) agreement with Italian-based Toscotec for a raw tissue paper roll production line.

Tourism Enterprise Co. and SHUAA Capital Saudi Arabia extended their MoU to buy three hotels in Riyadh, Jeddah and Dammam for an additional period starting, Sept. 30, until Nov. 30, 2022.

Tihama Advertising and Public Relations Co. and UK-based WPP plc delayed their agreement to create a Bahrain-based holding group via a merger until Oct. 31, 2022.

Unitholders of Saudi Economic and Development Securities Co. will receive a cash dividend of SR0.18 per unit for the period from July 2 to Sep. 30th 2022. 

Retal Urban Development Co.’s shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Al-Baha Investment and Development Co. settled all Zakat claims for the years 2000-2010.


Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday
Updated 02 October 2022

Here’s what you need to know before Tadawul trading on Sunday

Here’s what you need to know before Tadawul trading on Sunday

RIYADH: The Saudi main index ticked up on Thursday, but September still marked a dismal month for the stock exchange, marked by persistent inflation, unstable gas prices, and aggressive Fed hikes.

The Tadawul All Share Index ended September dropping 7 percent over the course of the month to reach 12,283 at the closing bell of Thursday’s session. 

This is despite closing the last session of September in green, with a 2.11 percent gain.

Other Gulf markets also ended Thursday’s session in green. The Qatari index closed 1.2 percent higher while Abu Dhabi’s index added 0.4 percent.

In spite of this, there was a 0.8 percent drop in Dubai’s main share index.

Outside the Gulf, Egypt’s blue-chip index climbed 1.3 percent on Thursday, reversing six straight losses.

Stock news

Nahdi Medical Co. established Al-Sakhaa Integrated Solutions Co., owned by its subsidiaries in Egypt, to support the company's business and strategy.

The Saudi Paper Manufacturing Co. signed SR166 million ($44 million) agreement with Italian-based Toscotec for a raw tissue paper roll production line.

Tourism Enterprise Co. and SHUAA Capital Saudi Arabia extended their MoU to buy three hotels in Riyadh, Jeddah and Dammam for an additional period starting, Sept. 30, until Nov. 30, 2022.

Tihama Advertising and Public Relations Co. and UK-based WPP plc delayed their agreement to create a Bahrain-based holding group via a merger until Oct. 31, 2022.

Unitholders of Saudi Economic and Development Securities Co. will receive a cash dividend of SR0.18 per unit for the period from July 2 to Sep. 30th 2022. – remove as old?

Retal Urban Development Co.’s shareholders approved a cash dividend of SR2 per share for the first half of 2022.

Al-Baha Investment and Development Co. settled all Zakat claims for the years 2000-2010.


Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec
Updated 02 October 2022

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

Saudi Paper signs $44m deal for tissue paper rolls with Italy’s Toscotec

RIYADH: Saudi Paper Manufacturing Co. has signed an agreement with Italy-based Toscotec for the production and supply of a tissue paper production line for the total cost of SR166 million ($44 million).

The deal is part of a letter of understanding both companies signed in June to purchase the fifth production line in Dammam 2nd Industrial City, which will produce tissue rolls with a capacity of 60,000 tons annually for SR300 million.

Upon signing the SR166 deal, Saudi Paper will make an advance payment within two months maximum, and the remaining amount will be paid in installments, corresponding to delivery, installation, receipt, and final operation.

As part of the contract, the company will receive a performance guarantee from the supplier for 16 months from the signing date.

The transaction will increase the company's tissue paper roll production capacity from 130,000 tons per annum to 190,000 tpa, in order to meet the needs of the local market and to expand exports.

In addition to the proceeds from the sale of some non-operating assets, the deal will be financed mainly from the company's operating revenues and the proceeds from the sale of certain non-operating assets, as well as proceeds from legal claims, for which judgments were awarded in favor of the company.

Banks and local finance agencies will also play a role in obtaining part of the funding for this project.

The financial impact of the project will become apparent from the fourth quarter of 2022.

Toscotec is one of the world's leading tissue paper producers and offers the latest technologies and solutions. With this eco-friendly technology, maximum production efficiency is achieved, consumption is reduced, operating costs are reduced, and final products are of the highest quality.  


Oil Updates — Crude falls but notches weekly gain; OPEC+ to hold Oct. 5 meeting in person in Vienna

Oil Updates — Crude falls but notches weekly gain; OPEC+ to hold Oct. 5 meeting in person in Vienna
Updated 02 October 2022

Oil Updates — Crude falls but notches weekly gain; OPEC+ to hold Oct. 5 meeting in person in Vienna

Oil Updates — Crude falls but notches weekly gain; OPEC+ to hold Oct. 5 meeting in person in Vienna

RIYADH: Oil prices dipped on Friday in choppy trading but notched their first weekly gain in five on Friday, underpinned by the possibility that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will agree to cut crude output when it meets on Oct. 5.

Brent crude futures for November, which expire on Friday, fell 53 cents, or 0.6 percent, to $87.96 a barrel. The more active December contract was down $2.07 at $85.14.

US West Texas Intermediate crude futures fell $1.74, or 2.1 percent, to $79.49.

OPEC+ to hold Oct. 5 meeting in person in Vienna

OPEC+ will hold its meeting on Oct. 5 in person in Vienna, an OPEC source told Reuters on Saturday.

A virtual option will also be available for some delegations due to the short notice if they are unable to.

OPEC+, which combines OPEC countries with allies such as Russia, is meeting against a backdrop of falling prices from multi-year highs hit in March and severe market volatility.

Sources have told Reuters talks on an oil output cut are focussing on a potential reduction of 500,000 barrels per day to 1 million bpd to support the market.

Earlier this week, a source familiar with Russian thinking said Moscow could suggest a cut of up to 1 million bpd, while an OPEC source put the likely figure closer to 500,000 bpd. Talks are expected to continue ahead of the meeting.

Nigerian oil firm NNPC buys OVH Energy’s downstream assets

Nigeria’s state-owned oil company NNPC Ltd. has bought the marketing business of unlisted OVH Energy, giving it access to 380 fuel stations in Africa’s largest oil producer and Togo, among other assets, the two companies said on Saturday.

OVH Energy Marketing, the owner and operator of Oando branded retail service stations, said the outlets would be rebranded NNPC and full integration is expected by the end of 2023.

The deal also gives NNPC access to eight liquefied petroleum gas plants, three aviation depots and 12 warehouses.

NNPC, which became a commercial entity in July, already owns more than 500 fuel stations across Nigeria and said it would be ready for an initial public offering by mid-next year.

India cuts windfall tax on crude oil output, diesel exports

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 ($97.99) rupees per ton from 10,500 rupees per ton from Sunday, after a decline in global oil prices.

India has also scrapped an export tax on jet fuel and halved export duties on diesel to 5 rupees per liter from Sunday, a government notification said.

(With input from Reuters)