Latest news with #NorthField
Zawya
21-05-2025
- Business
- Zawya
WGC: QatarEnergy sees big growth in chemical industry, CEO says
BEIJING: QatarEnergy plans to more than double its capacity for plastics raw materials globally as it sees big growth in the chemical industry, Chief Executive Saad al-Kaabi said on Wednesday. The state-owned company expects its U.S. ethane cracker project to start production in the first quarter of 2027, he told the World Gas Conference. The project, a joint venture with Chevron Phillips Chemical, had been expected to begin operations in 2026, according to the U.S. company's website. It will include a 2.08 million metric tons per year (tpy) ethane cracker and two 1 million tpy high-density polyethylene units. Ethane is a byproduct of shale gas production. More petrochemical producers globally are building ethane crackers or reconfiguring their plants to process more ethane to reduce costs and capitalise on rising U.S. supplies as they face thin margins and global oversupply. Qatar, one of the world's three largest exporters of liquefied natural gas (LNG), expects its North Field East natural gas expansion project to begin production in mid-2026, he said, repeating comments on the timeline he made in a statement on Tuesday. Gas is needed for industry, for power, for chemicals, for food, Kaabi said, adding that gas is going to be the backbone for the next century for all societies around the world. "Anyone who's burning fuel oil or diesel for power can easily make the conversion from a cost perspective to gas," he said. (Reporting by Colleen Howe; Writing by Florence Tan; Editing by Tom Hogue and Christian Schmollinger)
Zawya
28-04-2025
- Business
- Zawya
Aamal reports a solid start to 2025 and robust year-on-year growth
RELATED TOPICS EARNINGS RELATED COMPANIES Qatar Natl Bank Aamal MMS Qatar Folli - Follie Senyar Capital Doha - The Board of Directors of Aamal Company Q.P.S.C. ('Aamal'), one of the region's leading diversified companies, today announces its financial results for the first quarter ended 31 March 2025. Financial Highlights Total revenue up 6.8% to QAR 580.3m (Q1 2024: QAR 543.3m) Gross profit down 1.3% to QAR 128.7m (Q1 2024: QAR 130.4m) Net profit attributable to Aamal equity holders up 8.3% to QAR 101.8m (Q1 2024: QAR 94.0m) Reported earnings per share increased 8.3% to QAR 0.016(Q1 2024: QAR 0.015) Net capital expenditure declined 35.7% to QAR 6.6m (Q1 2024: QAR 10.3m Gearing decreased to 0.9% (Q1 2024: 1.2%) SUMMARY AND OUTLOOK Mr. Rashid bin Ali Al Mansoori, Chief Executive Officer of Aamal, commented: 'I am pleased to report a strong start to 2025 for Aamal with the Company achieving solid year-on-year revenue growth of 6.8% and an 8.3% rise in net profit. These results underscore the Company's sustained strategic delivery as it continues to adapt to changing market conditions and pursues promising growth avenues across its diversified and well positioned portfolio. 'The Trading and Distribution segment successfully carried its positive performance into 2025, with this being driven largely by strong organic growth at Ebn Sina Medical following the business module change. Aamal Trading was also successful in growing its market share and revenues on the back of sell out promotions and price increases on renewed service contacts. 'The performance of the Industrial Manufacturing segment continued to be mixed, with low levels of new construction activity resulting in subdued demand for Aamal Readymix and Aamal Cement, where revenue and net profit remained relatively flat year on year. Nevertheless, Senyar once again benefited from the demand stemming from the Kaharama and North Field projects to further improve its healthy profitability while profitability at Aamal Maritime's was bolstered by improving shipping rates and stable occupancy.' 'Our Property segment reported solid growth in revenue and net profit for the quarter highlighting the continued strong positioning of Aamal's commercial and residential property portfolio. At City Center Doha recent investment to enhance the shopping experience was rewarded with the signing of several new tenants and the signing of new lease agreements on more favorable financial terms. The performance of Aamal Real Estate meanwhile benefited from a slight increase in already high occupancy rates above the already high levels. 'Our Managed Services reported a marginal decline in revenue for the period coupled with flat year-on-year net profit. In particular, Maintenance Management Solutions recorded flat net profits. and a slight weakening in year-on-year revenue. This was largely attributable to the challenging comparables' generated by the completion of several ad hoc projects in Q1 2024. Elsewhere in the segment Family Entertainment Center leveraged effective marketing campaigns and facilities improvements to achieve a robust performance for the period while Aamal services performance has been stable compared Q1 2024. Sheikh Mohamed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal, added: ' Overall, these are a positive set of first quarter results for Aamal, placing the Company on a strong footing as it looks to replicate the strong performance and successful strategic progress delivered in 2024. Looking ahead to the rest of the year I am confident in Aamal's continued ability leverage our resilient and diversified business model to capture the abundant growth opportunities in both Qatar and the wider region. I would like to thank all Aamal employees for their efforts and contribution and look forward to driving continued value for all the Company's stakeholders' CONFERENCE CALL DETAILS A conference call to discuss the results will be held on 01 May 2025 at 2.00pm Doha time. The details for the conference call are as follows: Date: Thursday 01 May 2025 Time: 2.00pm Doha time ABOUT AAMAL COMPANY Q.P.S.C. Aamal is one of the Gulf region's most diversified conglomerates and has been listed on the Qatar Stock Exchange since December 2007. As at 28 April 2025, the Company had a market capitalisation of QAR 5.34 bn (US$1.47 bn). Aamal's operations are widely diversified and comprise 32 active business units (subsidiaries and joint ventures) with market leading positions in the key industrial, retail, property, managed services, and medical equipment and pharmaceutical sectors, thereby offering investors a high quality and balanced exposure to Qatar's wider economic growth and development.
Zawya
05-02-2025
- Business
- Zawya
Upstream M&A activities to remain strong in Middle East, says Rystad Energy
The Middle East is rapidly emerging as a significant centre for merger and acquisition (M&A) activity in the oil and gas upstream sector, Norway-based Rystad Energy said in a new report. Bolstered by liquefied natural gas (LNG) expansion plans, the region recorded its second-highest year of M&A activity since 2019, with deal value reaching $9.65 billion in 2024, following a five-year peak of $13.3 billion in 2022. No estimates were given for 2025. Rysatd said surge in activity could be attributed to Middle Eastern national oil companies with major projects underway, such as QatarEnergy's North Field expansion and ADNOC's Ruwais LNG. The North Field expansion aims to elevate QatarEnergy's LNG production to 142 million tonnes per annum (Mtpa) by the early 2030s. The UAE's ADNOC is reportedly considering awarding an additional 5 percent stake in Ruwais LNG to an international partner. However, ongoing geopolitical tension in other parts of the region may dampen or delay dealmaking, the report said. Overall, upstream M&A activity is expected to slow significantly in 2025 following two years of record-high transactions driven by US shale mergers. The global deal pipeline value is estimated at $150 billion, given that much of the sector's consolidation has run its course and a return to recent peaks remains unlikely, the research company said. (Writing by P Deol; Editing by Anoop Menon)
