Advertisements

Lots are happening as far as fossil fuels are concerned, whether in the MENA region or elsewhere. For instance, Aramco Takes a Beating by S. Jack Heffernan, PhD was published on LiveTradingNews of August 12, 2019.

It is yet another piece of information from the trading world ups and downs that seem to demonstrate the ephemeral character of all hydrocarbons related businesses. In effect, Aramco Takes a Beating, as an article clearly shows how traders apart from their daily routines visualise their emotional involvement.

Aramco Takes a Beating by S. Jack Heffernan

Saudi state-owned energy giant Aramco said Monday its first-half net income for 2019 had slipped to $46.9 billion, a first such disclosure for the secretive company ahead of its debut earnings call.

“The company’s net income was $46.9 billion for the first half (of) 2019, compared to $53.0 billion for the same period last year,” the company said in a statement.

The fall in income, owing to lower oil prices, comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing.

“Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow,” Aramco CEO Amin Nasser was quoted as saying in the statement.

It is the first time the company has published half-year financial results and comes after Aramco opened its secretive accounts for the first time in April as it prepares to raise funds from investors.

It made no mention of the planned initial public offering in Monday’s statement.

Crown Prince Mohammed bin Salman has previously said the IPO — dubbed as potentially the world’s biggest stock sale — would take place in late 2020 or early 2021.

Saudi Arabia plans to sell up to five per cent of the world’s largest energy firm and hopes to raise up to $100 billion.

The planned IPO forms the cornerstone of a reform programme envisaged by Prince Mohammed to wean the Saudi economy off its reliance on oil.

Saudi Arabia has not announced where the listing will be held, but London, New York and Hong Kong  have all vied for a slice of the much-touted IPO.

View all posts by S. Jack Heffernan, PhD

The following two tabs change content below.

S. Jack Heffernan Ph.D is CEO at HEFFX.

S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several startups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen startups in Mining, Shipping, Technology and Financial Services.1

Related Posts:

Advertisements
%d bloggers like this: