Saudi Stock Exchange

Saudi Aramco announced its net profit in the first quarter to have declined by 25% on Tuesday. The company’s quarterly dividend, however, matched its plan of paying £60.74 billion to its shareholders in base dividends in 2020. Analysts had anticipated Aramco to slash government payout but maintain its dividend for minority shareholders. In the quarter that ended on 31st March, Aramco reported a net profit of £13.48 billion after tax and zakat tha...

Saudi oil giant Aramco said it plans to slash its capital spending budget amid low oil prices. The company missed market’s expectations for profit in its first earnings announcement since going public last year. Fundamental analysis: Profit plunges Aramco announced a net profit of $88.2 billion in 2019, down from $111.1 billion in 2018, and lower than $92.6 billion expected by market analysts. As expected, the company blamed the low oil prices fo...

OPEC had a pact with Russia that demanded restriction over the oil supply. On Friday, the pact fell apart and fueled a downward rally in Saudi Aramco’s shares. On Sunday, the Saudi state oil company was reported trading below the IPO (initial public offering) price of 32 riyals. The Tadawul All Share Index (TASI), on the other hand, recorded a 7.4% decline. The downward rally continued aggressively on Monday extending the drop to 10%. At th...

Crude oil prices hit the lowest levels since August 2016 this week, after talks on deeper production cuts between OPEC and its allies finished without an agreement. On Friday, the price action closed nearly 10% lower to record one of the worst-performing days recently. OPEC+ talks collapse Investors were closely monitoring developments from Vienna last Friday, where OPEC+ – consisting of OPEC countries and its allies – met to discuss...