A sharp fall in its net profit, slipping 25 in 2023 compared to the previous year. Aramco attributed the downturn to Lower Crude Oil prices and decreased production. The companys net income dropped from 161 billion in 2022 to 121 billion last year. Despite the challenges posed by declining oil prices, aramco will increase its dividend payments, providing a much needed financial boost to saudi arabia. Lets get more now from our middle east Business Correspondent sameer hashmi. With a big fall off in profit, why is it increasing its dividend . It its dividend . Is a steep fall compared to 2022. It is a steep fall compared to 2022. It is still the second best performance in terms of annual results at 121 billion. Two reasons why they increased the dividend pay out. Number one, Aramco Abbott is the main driver of the Saudi Arabian economy. Saudi owned entities own 19 of it and they rely heavily on that income to really find some these massive projects inside arabia. They tried to keep the
After two years of losses, bps set to reveal its making profits again thanks to the rise in the price of oil. And, can the thrill of the auction room be recreated online . We investigate the digital challenges for the likes of christies and sotherbys. Welcome to World Business report. Im sally bundock. Bps expected to say its been making a profit in recent months, drawing a line under years of painful cost cutting and transformation as it grappled with low oil prices. Using the oil giants preferred measure of underlying replacement cost profit, last year it made a loss of 2. 6 billion a 55 fall on the year before. The shift in the price of oil on Global Markets was the main reason why the white line shows you the slide. It bottomed out at 27. 88 a Barrel Injanuary 2016. The yellow line shows you bps share price during that time and the effects of the two year slump in the oil market as well as the cost of the Deepwater Horizon Disaster. This year bp plans to sell off around 4. 5 billio
chevron, bp, shall, they have all reported impressive numbers over the last few days. even the aramco ceo on the earnings call so that they expect the second half of 2021 even better, and this reflects that the industry feels that the worst of the pandemic is behind them. aramco ceo said that they expect global oil demand to touch 99 million barrels of oil per day by the end of this year, and 100 million barrels of oil per day by next year, which is going back to pre pandemic levels. aramco is planning to increase production because they expect demand to grow bigger from because they expect demand to grow biggerfrom here. they also expect their capital expenditure to touch $35 billion, which is higher than estimated last year. aramco is a unique company because it is owned by the saudi government. that is why the dividend pay out by aramco is a crucial for the saudi government to fund public expenditure, public
for shareholders and in particular markets have been looking for the dividend pay out and after the ink of england has relaxed the dividend pay out restrictions, hsbc finally can resume paying an interim event which is again great news for shareholders bank of england. they have adjusted their guidance to 40 to 55% of deposit earnings which is great and also set their credit lending expectation to mid single digits i think these are a great set of results and also great set of results and also great out of guidance going forward. , , ., forward. it s interesting that they have forward. it s interesting that they have done forward. it s interesting that they have done so forward. it s interesting that they have done so well - forward. it s interesting that| they have done so well when interest rates around the world are at record low levels.- are at record low levels. yes, basically are at record low levels. yes, basically the are at record low levels. yes, basically the