Oil slip: Aramco profit halves as Covid batters oil demand November 3, 2020 Oil behemoth Saudi Aramco’s profit shrank 44.6 per cent in the third quarter due to the collapse in oil demand caused by the coronavirus pandemic. The state-owned firm said profit fell from 79.8 billion riyals (£16.5bn) last year to 44.21 billion riyals this year. The pandemic has devastated the global oil market, with lower prices [...]
Saudi Aramco completes $69bn deal for petrochemicals giant Sabic June 17, 2020 Oil behemoth Saudi Aramco has bought a 70 per cent stake in petrochemicals giant Sabic from Saudi Arabia’s state investment fund for a whopping $69bn (£55bn). The deal, which will create a petrochemicals entity with combined production volumes of 90m tonnes, valued Sabid at 123.39 riyals per share, a 27.5 per cent premium on its [...]
Saudi Aramco profit falls 25 per cent on oil price implosion May 12, 2020 State-owned oil giant Saudi Aramco saw its first quarter profit fall 25 per cent as the coronavirus crisis decimated the price of crude oil. Over the course of the quarter, the price of worldwide standard Brent crude fell roughly two-thirds, sending the firm to a 62.5bn riyals (£13.5bn) profit, down from 83.3bn riyals a year [...]
Saudi Aramco cuts spending as profit drops 21 per cent following record float March 15, 2020 Saudi Aramco today said it will cut capital spending this year as the oil giant braces for a slump in oil prices caused by the coronavirus outbreak and a price war with Russia. The state-run company broke the record for the largest ever initial public offering (IPO) in December after it raised $25.6bn (£21bn), securing [...]
Saudi Aramco international listing still ‘on the cards’ January 22, 2020 Saudi Arabia’s finance minister has said that the kingdom is still mulling listing state oil giant Saudi Aramco on an international bourse. Speaking to Bloomberg at Davos, Mohammed Al-Jadaan said that a float is “still on the cards”. However, he added that he “didn’t think it’s going to be anytime soon.” In December Aramco listed [...]
Amazon breaks $200bn mark as world’s most valuable brand January 22, 2020 Online retail titan Amazon has defended its position as the world’s most valuable brand for a third year in a row, with the firm becoming the first to break the $200bn (£153bn) mark. Jeff Bezos’ company is worth $220.8bn in total, over $60bn more than second-placed Google, which is worth $159.7bn, according to the annual [...]
Banks seek additional fees from Aramco after record float January 14, 2020 Banking giants who were involved with Saudi Aramco’s record-breaking initial public offering (IPO) last month are lobbying for an “incentive fee” as they try to boost low earnings from the deal. Sources close to the matter told Reuters that the banks were in discussions with the state-owned oil firm over a clause in the contract [...]
Saudi Aramco IPO rises to $29.4bn after company issues extra shares January 12, 2020 The value of Saudi Aramco’s gargantuan initial public offering (IPO) has increased to $29.4bn (£22.5bn) after the state oil company announced it had issued 450m more shares through its “greenshoe option.” The new shares mean that Aramco’s IPO has risen by almost $4bn, meaning it is now comfortably the world’s biggest IPO. Read more: Saudi [...]
Despite its sky-high valuation, the Saudi Aramco IPO was no success December 18, 2019 When Saudi Aramco launched its IPO on the Tadawul (the Saudi stock market) earlier this month, it quickly became the world’s most valuable listed company, with a valuation of $1.7 trillion. It is now worth more than the next five largest hydrocarbon companies — ExxonMobil, Total, Royal Dutch Shell, Chevron and BP — combined. Yet [...]