Saudi Aramco posts 10th consecutive quarter decline
Net profit in the three months ended June fell to 85.02 billion Saudi riyals ($22.6 billion), from $109.01 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares trade. That marked a 10th consecutive quarter of decline in profit.
Revenue for the period decreased 11 per cent year-on-year to 378.8 billion riyals, down from 425.7 billion riyals in the same period last year, on lower crude oil prices and lower refined and chemical products prices, it said.
"Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets," said Aramco president and chief executive Amin Nasser.
"We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
6 minutes ago
- Khaleej Times
UAE: Sharjah Ruler increases Decent Living grants to a monthly income of Dh17,500
Sharjah Ruler has directed an increase in allowances for families consisting of two or more members with an income, the emirate's media office said on Monday. The Decent Living allowances, which are dedicated to 3,162 families registered with the Social Services Department, will increase to an annual cost of Dh134 million, as per directions of Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. The payments will begin next month, to raise their income to the decent living threshold of Dh17,500 per month. The Royal has also directed the establishment of a Social Care Complex in Al Ruwaidat district. The complex will include a home for the elderly, a social care home for children, Wahat Al-Rushd facilities dedicated to mental health, and a women's protection centre — all under one umbrella and in a single location covering an area of 140,000 square meters. It will feature numerous essential, recreational, and service facilities, as well as a mosque and a gymnasium for residents of the homes.
Zawya
35 minutes ago
- Zawya
Bank of Sharjah appoints Nasser Salem Al-Ali as Chief Wholesale Banking Officer
Sharjah, UAE — Bank of Sharjah is pleased to announce the appointment of Mr. Nasser Salem Al-Ali as its new Chief Wholesale Banking Officer. In his role, Mr. Al-Ali will lead the Bank's corporate and commercial banking operations, driving strategic growth across all market segments, deepening client relationships, and expanding cross-sell opportunities. His appointment reflects the Bank's commitment to nurturing UAE national talent while continuing to attract top-tier professionals to its senior management team. With a distinguished career spanning over 25 years in the banking sector, Mr. Al-Ali brings a wealth of knowledge and expertise in corporate banking. His track record includes leading landmark transactions and pioneering innovative digital initiatives in the UAE and the wider region. His deep understanding of institutional clients' needs uniquely positions him to deliver advanced, tailored financial solutions. In his new capacity, Mr. Al Ali will lead the strategic direction of Wholesale Banking in alignment with the Bank's vision, profitability targets, and regulatory requirements. He will also focus on enhancing operational efficiency, fostering a high-performance culture, and building a skilled, motivated team to deliver exceptional results. Before joining Bank of Sharjah, Mr. Al-Ali held several senior leadership positions at prominent financial institutions. Most recently, he served as Senior Managing Director and Head of Commercial Banking for the UAE at First Abu Dhabi Bank (FAB). Prior to that, he spent over two decades at HSBC, where he held key positions including Deputy Regional Head of Corporate Client Coverage & Sectors for MENAT and Managing Director Deputy Head of Corporate & Commercial Banking UAE & Regional Head of Islamic Corporate Banking MENAT, among other senior assignments. Commenting on the appointment, Mr. Mohamed Khadiri, Chief Executive Officer of Bank of Sharjah, said: 'We are delighted to welcome Nasser to our leadership team. His extensive industry expertise, strategic vision, and proven ability to drive growth, align perfectly with our ambitions for the Wholesale Banking business. We look forward to benefiting from his innovative approach and leadership.' Expressing his enthusiasm for the new role, Mr. Nasser Al-Ali said: 'I am honored to join Bank of Sharjah at such a pivotal stage in its journey. The Bank's successful turnaround over the past two years has laid strong foundations for innovation and growth. I look forward to working with the team to further strengthen our wholesale banking capabilities and deliver exceptional value to our clients and shareholders.' Mr. Al-Ali holds a Master's in Big Data and Business Analytics from ESCP Business School and a Master's in International Business Law from the University of Paris - Sorbonne-Assas International Law School. He also holds a Bachelor of Applied Science in Business Administration from the Higher Colleges of Technology in Dubai. Mr. Al-Ali is an alumnus of executive programs at Harvard, Oxford, INSEAD, London Business School, and other leading institutions. He has also graduated from two flagship programs (Young Leaders and Impactful Leaders) under Mohammed bin Rashid Center for Leadership Development. About Bank of Sharjah: Bank of Sharjah was established on December 22, 1973, through a decree issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah. Banking operations started in May 1974. The Bank was the first commercial bank in Sharjah, the fifth in the Federation and the first to make 40% of its capital available for public subscription.
Zawya
2 hours ago
- Zawya
Cruncho becomes first Kuwait-based company to earn Gluten-Free Certification and Non-GMO Verification from NSF
Dubai, UAE – NSF, a leading global public health and safety organization, proudly announces that Cruncho, a pioneering snack food manufacturer based in Kuwait, is the first company in the country to achieve both NSF Gluten-Free Certification and Non-GMO Project Verification for its flagship Prolife product line. This verification and certification marks a significant milestone for food safety and consumer health in the Middle East, aligning with the region's growing demand for transparent, health-conscious food options. With an estimated 1% of the global population affected by celiac disease, and much more affected by gluten sensitivities, and over 70% of Middle Eastern consumers preferring non-GMO (genetically modified) products, Cruncho's achievement directly addresses evolving market expectations. These verifications and certifications exemplify our commitment to advancing human health through rigorous, science-based standards. Cruncho's leadership in pursuing third-party verification reflects a broader regional shift toward transparency and consumer trust. As the first Kuwait-based company to receive both NSF Gluten-Free certification and Non-GMO Project Verification, Cruncho is setting a new benchmark for food safety and quality in the region.' Jyoti Bhasin, Managing Director, NSF Cruncho's Prolife brand offers a diverse range of protein-infused snacks tailored to various dietary needs, including high-protein puffs, pea-based chips, collagen-infused puffs and vitamin-enriched options. With over 1,000 points of sale across Kuwait and the GCC, Cruncho is rapidly becoming a household name in clean-label snacking. Earning both Gluten-Free certification and Non-GMO Project verification marks a pivotal moment for Cruncho. Consumers today are more conscious than ever about what goes into their food, and this certification and verification reinforce our promise to deliver clean-label snacks they can trust. These milestones demonstrate our commitment to delivering snacks that are not only delicious but also responsibly sourced and transparently labeled. We're grateful to NSF for their support throughout the verification and certification process.' Mohammed Ali Khan, Quality Assurance Officer, Cruncho NSF Gluten-Free Certification aligns with the U.S. Food and Drug Administration's Gluten-Free Labeling Final Rule, requiring certified products to contain less than 20 parts per million (ppm) of gluten. This certification ensures that products meet strict safety standards for individuals with celiac disease or gluten sensitivity. Non-GMO Project Verification is the most prevalent and trusted third-party standard for GMO avoidance. The verification process includes a comprehensive review of ingredient sourcing, supply chain documentation and testing protocols. With these certifications, Cruncho can now proudly display both the NSF Certified Gluten-Free mark and the Non-GMO Project Verified butterfly seal on its Prolife products. These marks signal to consumers that the products meet the rigorous requirements of the standards.' Sandy Talamonti, Senior Manager of Food Product Claims, NSF These certifications also support compliance with other major labeling requirements, including Whole Foods Market's GMO Labeling Policy and the USDA's National Bioengineered Food Disclosure Standard. To date, NSF has verified more than 12,000 products globally as non-GMO. The Middle East food industry is undergoing a transformation, with increasing consumer awareness around food safety, ingredient sourcing and dietary needs. Third-party certifications and verifications like those from NSF are becoming essential tools for brands looking to build trust and differentiate themselves in a competitive market.
