LONDON: Royal Dutch Shell boosted its dividend and launched a $2 billion share buyback program on Thursday after a sharp rise in oil and gas prices drove second quarter profits to their highest in more than two years.
As profits across the industry recovered from last year’s pandemic-led collapse in energy demand, peers TotalEnergies and Norway’s Equinor also announced share buybacks.
The Anglo-Dutch company saw a surge in cash generation, boosted by higher commodity prices and a recovery in global energy demand, which also helped it to cut debt.
“We are stepping up our shareholder distributions today, increasing dividends and starting share buybacks, while we continue to invest for the future of energy,” Shell Chief Executive Ben van Beurden said in a statement.
Adjusted earnings rose to $5.53 billion, the highest since the fourth quarter of 2018, exceeding an average analyst forecast provided by the company for a $5.07 billion profit.
That compares with earnings of $638 million a year earlier.
Apart from higher fuel prices, stronger profits from Shell’s marketing division, the world’s biggest network of petrol stations, also boosted the results.
Still, fuel sales in the quarter were well below pre-pandemic levels at 4.5 million barrels per day (bpd) in the second quarter, up 9 percent from 4.16 million bpd in the first quarter.
Shell profit soars to two-year high as oil and gas prices rebound
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Shell profit soars to two-year high as oil and gas prices rebound
- Profits surge to $5.5 billion, highest since late 2018
- Shell boosts dividend by 38 percent
Saudi Arabia exports milk, dairy products worth $1bn in 9 months
RIYADH: Saudi Arabia’s exports of milk and dairy products reached approximately SR3.9 billion ($1.03 billion) during the first nine months of 2025, according to data released by the General Authority for Statistics and reviewed by Al-Eqtisadiah.
The agricultural and industrial market for the dairy sector in the Kingdom is estimated at SR22 billion in 2024, according to Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, who spoke at the Saudi Dairy Forum in Al-Kharj. He noted at the time that Saudi Arabia has achieved 129 percent self-sufficiency in dairy products.
Saudi Arabia’s exports of milk and dairy products in 2024 reached approximately SR4.8 billion, while exports in 2023 amounted to approximately SR4.2 billion, bringing the total export volume for the last three years up to September 2025 to more than SR13 billion.
The licensed annual production volume of dairy products and infant formula is estimated at more than 29 million bottles, equivalent to 685 million kg and more than 818 million liters.
Data indicated that the UAE was the largest importer of Saudi products during the three years up to last September, with imports totaling approximately SR4 billion, followed by Kuwait at SR2.6 billion, and Oman at SR1.3 billion as well as Bahrain at SR1.1 billion, Iraq at approximately SR1 billion, Jordan at SR997 million, and Yemen at SR837 million.
The Zakat, Tax and Customs Authority told Al-Eqtisadiah newspaper that the volume of Saudi exports of dairy products and infant formula during the first half of 2025 reached 296.5 million kg.
How many dairy and infant formula factories are there in Saudi Arabia?
The Ministry of Industry and Mineral Resources told Al-Eqtisadiah newspaper that the number of dairy and infant formula production plants in Saudi Arabia reached 218 by the end of the first half of 2025.
Riyadh and Makkah each have 65 plants, while the Eastern Province has 33, and Madinah has 14. Qassim has 11 plants, Al-Jawf and Tabuk 3 each, Hail and Asir 2 each, and Jazan and Najran 1 each.
Al-Kharj accounts for more than 70 percent of Saudi Arabia’s dairy production. The protocol signed between Saudi Arabia and China last May approved the export of 13 dairy products, including infant formula.
Up to 95% of Saudi Arabia’s milk production is certified with the “Saudi GAP” mark
The Ministry of Environment, Water and Agriculture previously confirmed that 95 percent of Saudi Arabia’s milk production is certified with the “Saudi GAP” quality mark. This step highlights producers’ commitment to applying the highest quality and food safety standards and ensuring that local products conform to national and international standards.
The Ministry added that the quantity of raw milk produced in specialized dairy farms, according to statistics, reached 2.7 billion liters in 2024. Riyadh led production with 1.6 billion liters, followed by the Eastern Province with 1.1 billion liters. The number of dairy cows in these farms reached 233,000 heads.
By adopting the certified “Saudi GAP” quality mark, the ministry aims to enhance the reliability of food safety standards and deepen consumer confidence in local products. “Saudi GAP” is one of the ministry’s initiatives aimed at establishing the concept of sustainable agricultural practices and increasing the volume and quality of plant and animal production, thereby supporting the competitiveness of local products and contributing to achieving the goals of Vision 2030.
