Companies
Exxon to revive share buyback plan over record profits in Q3
Published
3 years agoon
Exxon Mobil Corp, an American multinational oil and gas corporation, has registered $6.75 billion net profit in the third quarter, the highest since the last quarter of 2017.
The company’s $1.58 a share profit shocked Refinitiv’s estimated earning by two cents. The results reflected the highest refining profit in at least two years, soaring natural gas prices and energy shortages.
Boosted by high profit and improved cash flow, the company has announced to revive its share buyback program next year.
The company remained the biggest U.S. corporate shares repurchaser for more than a decade until suspending the practice in 2016 amid weak results, saying it would buy shares only to offset dilution from executive pay plans.
Exxon, the largest oil and gas company in the United States, posted a loss of $680 million earlier this year.
According to Paul Sankey, an analyst at Sankey Research, the company has announced its buyback program too soon to be expected.
Exxon shares ended 16 cents at $64.49 as some analysts expressed disappointment in the size of buyback program.
Chief Executive Officer Darren Woods said that Exxon’s three businesses delivered higher returns due to effective restructurings and recovery of the global economy from the Covid-19 pandemic.
Speaking to analysts on a phone call, Woods said that the benefits of restructuring are manifesting themselves. He predicted that Exxon would deliver the same growth in earnings and cash flow because of the company’s pre-pandemic plans, expecting $30 billion in annual profit by 2025.
Exxon said it will resume its buybacks starting next year under a plan to spend up to $10 billion on share repurchases through 2023.
Overall profits in oil and gas surged in the third quarter over the rising global demand, reaching nearly $4 billion compared with a $383 million loss a year ago. The company said it will benefit in the fourth quarter from higher oil and gas volumes.
However, chemical profits reduced from last quarter’s high but more than tripled from the same period last year.
Exxon shares are up than 50 percent this year, as earnings bounced back from last year’s historic loss, but remain below where they traded in early 2020.
Announcements
UAE fuel prices announced for September 2024
Published
1 week agoon
August 31, 2024By
SudhashreeThe UAE fuel price committee on Saturday announced petrol and diesel prices for the month of September 2024.
Super 98 petrol will cost Dh2.90 a litre, compared to Dh3.05 a litre in August, while Special 95 will cost Dh2.78 a litre, compared to Dh2.93 a litre the previous month. E-Plus category petrol will be available for Dh2.71 a litre, compared to Dh2.86 a litre in August, while diesel will now cost Dh2.78 a litre, compared to Dh2.95 a litre the previous month.
UAE Fuel Price Committee announces prices for September#WamNewshttps://t.co/Jwis5fd2Ah pic.twitter.com/qOspYYVge4
— WAM English (@WAMNEWS_ENG) August 31, 2024
he UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.
The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.
Announcements
Secure Connection Brings Honeywell-Licensed Solutions to Saudi Market in Landmark Move
Published
3 weeks agoon
August 15, 2024By
SudhashreeSecure Connection, the Hong Kong-based electronic products manufacturer, announced its strategic expansion into the Saudi Arabian market with its complete range of Honeywell-licensed products. Secure Connection is an authorized trademark licensee for Honeywell International Inc. and has exclusive rights to manufacture, market, sell, and support a wide range of Honeywell-licensed products in Southeast Asia, South Asia, Middle East Asia & Africa, covering a wide array of product categories such as Air Purifiers, Home and Personal Audio products, Mobile and IT accessories, and Structured Cabling Systems.
Mr. Mohit Anand, CEO, Secure Connection Limited, shared insights on the significance of this market expansion, stating, “Saudi Arabia presents an exciting opportunity for us. Saudi Arabia is known for its vibrant economy and dynamic consumer landscape and presents tremendous opportunities for our Honeywell-licensed product range. We are confident and excited about our launch in the Kingdom and look forward to delighting the consumers with our comprehensive product offerings. We are extremely happy to have partnered with SAMIR Trading & Marketing Company as our distribution partner in Saudi Arabia”.
Samir Trading & Marketing company a leading technology product distributor in Saudi Arabia who aligns with Secure Connection’s long-term vision and shares the commitment to deliver exceptional consumer experiences. Mr. Saed Al-Hindi, CEO, SAMIR Trading & Marketing Company “We are excited to embark on this partnership with Secure Connection. Our shared commitment to delivering exceptional customer experiences aligns perfectly. Together, we will introduce innovative Honeywell-licensed products that cater to the evolving needs of Saudi consumers.”
This move represents a noteworthy step for Secure Connection’s global growth plans by exemplifying its dedication to pursuing new prospects and business opportunities. Secure Connection is committed to the Saudi Arabian market and is demonstrating this by investing resources to help create a robust business and footprint across the country.
Announcements
Burjuman or Union ? RTA reveals Dubai’s busiest metro station
Published
4 weeks agoon
August 12, 2024By
SudhashreeThe Dubai Metro was the top choice of public transport in the emirate, accounting for 37 per cent of all commuters in the first half of 2024. Overall public transport ridership clocked 361.2 million in the first six months of the year — a 6 per cent increase over the same period in 2023. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.
The Roads and Transport Authority (RTA) counts Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses while computing public transport ridership numbers. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.
#RTA announced that the number of users of public transport and shared mobility in Dubai—including Metro, Tram, public buses, marine transport, Taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached about 361.2 million in the first half of 2024. This… pic.twitter.com/nirGThtXOT
— RTA (@rta_dubai) August 11, 2024
Announcing these figures on Sunday, theDubai Roads and Transport Authority (RTA) said the number of users of public transport and shared mobility means in Dubai, including Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached saw a six per cent increase compared to around 340.5 million users in the first half of 2023. The daily average number of riders in the first half of this year reached 1.98 million, compared to 1.88 million in the same period in 2023.
His excellency Mattar Al Tayer, director general, chairman of the board of executive directors of the RTA said the authority plans to improve public transport even further. He said: “RTA’s strategic and operational plans are based on achieving multi-modal integration of all public transport and shared mobility means to ensure smooth mobility across Dubai. This included developing and expanding road networks and all elements of public transport — metro, tram, buses, marine transport, first and last-mile solutions, and shared mobility— along with an enhanced and integrated pedestrian and cycling infrastructure.
“The RTA also focuses on traffic management systems to maximise the efficiency of roads and public transport and implements policies to encourage the public to reduce reliance on private vehicles and increase the use of public and shared transport,” the RTA chief added.