Saudi Aramco beats Apple, Google, Amazon to become world’s most profitable company in Q3

Aramco’s sales jump 80 perecent in the third quarter to SR359 billion. (AFP)
Short Url
Updated 31 October 2021
Follow

Saudi Aramco beats Apple, Google, Amazon to become world’s most profitable company in Q3

RIYADH: Saudi Aramco is the world's most profitable company in Q3, beating tech giants such as Google, Amazon and Apple, as well as other listed energy companies such as ExxonMobil and Shell.

Thanks to the recent increase in oil prices, the Dhahran-based company reported today that its net income in the third quarter increased by 158 percent from a year ago to SR114 billion ($30.4 billion), compared to $11.8 billion a year ago, with a jump in it sales by 80 perecent to SR359 billion ($96 billion).

Aramco president and CEO Amin Nasser, said in a statement today: “Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand, as well as our unique low-cost position, our financial discipline and our proven ability to reliably deliver essential energy and chemical products to our customers.”

“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” he added.

“Looking ahead, we are maintaining our strategy to invest for the long term, and we will build on our track record of low-cost and low-carbon intensity performance to advance our recently announced ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050.”


Farasan Island celebrates 20th Hareed Fishing Festival

Updated 10 sec ago
Follow

Farasan Island celebrates 20th Hareed Fishing Festival

  • Event showcases tourist activities such as parasailing, traditional folk dances

RIYADH: Fishermen from the Jazan region have started preparing for the 20th Hareed Fishing Festival, which begins on Thursday.

The festival, which takes place on Farasan Island and lasts for two days, celebrates the fishing of parrotfish, otherwise known as hareed.

It showcases various tourist activities such as parasailing, traditional folk dances, and competitions for catching the fish, which is difficult due to their survival instinct which leads them to hide by corals.

Hareed are traditionally caught close to the shore in nets. The brightly colored fish come in different sizes and change color as they grow, the color varying according to their sex. They are considered parrot-like as they have teeth that they use to scrape food off coral reefs.

The fishing season varies across the region’s waters. In the past, the people of Farasan celebrated the event by visiting newlywed brides wearing traditional dress, while women and children joined in the festivities at her home.

Visitors to the festival will also get the chance to explore the heritage sites in Farasan, which include Wadi Matar, Al-Qassar village and Bait Al-Jarmal, along with several historic houses.

The island boasts a unique cultural heritage which centers on sailing and pearl-diving experiences in the past.

Jazan Gov. Prince Mohammed bin Nasser is launching the festival, which is organized by the region’s branch of the Ministry of Environment, Water and Agriculture, in partnership with the islands’ governorate.

Mohammed Al-Atif, the general director of the branch, said that the festival embodied the customs and traditions of the people of the Farasan Islands and was considered an annual event to highlight the region’s tourism potential.

He added that the festival also celebrates hareed, which appears at the same time each year and proves a major attraction for people in the Jazan region.


Riyadh hosts food technology and innovation show

Updated 6 min 5 sec ago
Follow

Riyadh hosts food technology and innovation show

  • Industry giants showcase latest in processing, sustainability

RIYADH: More than 400 companies from 35 countries are taking part in the first Saudi Food Manufacturing show, which opened in Riyadh on Tuesday.

Held under the patronage of Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef, the event focuses on processing, packaging and ingredients and aims to facilitate high level business deals, connections and collaborations.

Three companies that won a Saudi Food Manufacturing Award at the event — Multivac, DC Norris and Brenntag — spoke to Arab News.

Amir Sotoudeh, managing director of Multivac, said the German firm won the Best Processing Innovation Award for its TX series and smart services at Gulfood Manufacturing.

The company has had a branch office in Riyadh since 2009 and the Kingdom is the company’s largest market in the Middle East.

“Saudi Arabia is a significant market, especially in recent years, with major developments focusing on local production and manufacturing. That’s where our technology and expertise as a market leader in processing and packaging are essential.”

DC Norris is a UK-based process equipment company serving 62 countries. It provides solutions for food, dairy and beverage manufacturing and won the Best Processing Manufacturing Award.

Stuart Rigby, product and process technology manager at DC Norris, said the company’s jet cook system, which is used in Saudi Arabia, Qatar, Dubai and Azerbaijan, was able to cook meals two to three times faster than traditional methods.

“It also uses considerably less water, resulting in zero burns, requiring less cleaning and reducing costs. Additionally, it consumes up to 55 percent less energy than traditional cooking methods,” he said.

Brenntag, a 150-year-old German company, is the global market leader in chemical and ingredient distribution. It won the Best Ingredients Innovation Award.

Mahaboob Shaik, technical sales manager at Brenntag, said: “We have replicated the characteristics of regular milk-based proteins and constituents using plant-based alternatives. We’ve developed a Greek-style feta cheese made from plant-based ingredients.

“This helps to reduce allergens like milk proteins in dishes like Caesar salad. Now, when you order a salad at a restaurant, you can enjoy a plant-based cheese, which is entirely vegan.”

Several Saudi manufacturers, including Sapin, Anasia and Memco, are taking part in the show, which provides a platform for companies to exchange ideas.

Majed Al-Argoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones, said: “The industrial sector is going to increase both the GDP and abilities of youth in the Kingdom.

“We are making impressive growth through Saudi Vision 2030 and Made in Saudi is remarkable for expanding cities across the country and achieving our goals.”

Among the most innovative products on display are the Novamyl BestBite from Novozymes, which improves texture and softness in baked goods while extending shelf life to reduce food waste. Others include sustainable packaging for dates from Napco, a sugar reduction method for fruit juice from Austria Juice, Lactosan, a natural culinary booster from FSL and Biopap, a range of renewable, compostable, high-performance food containers.

Pavilions from Italy, Germany, the Netherlands, US, France, Turkiye and China reflect the international scope of the show, which runs until Thursday.


Saudi Arabia expresses condolences after dam bursts in flood-hit Kenya

A woman walks in an area full of damaged trees following flash floods and landslides in Mai Mahiu.
Updated 25 min 26 sec ago
Follow

Saudi Arabia expresses condolences after dam bursts in flood-hit Kenya

  • Floods and landslides across Kenya have killed 181 people since March, with hundreds of thousands forced to leave their homes
  • The ministry said the Kingdom stands with the government and people of Kenya during this painful time

RIYADH: The Saudi Foreign Ministry expressed on Wednesday the Kingdom’s condolences to the families of those who died after a makeshift dam burst its banks in Kenya’s Rift Valley on Monday.

At least 48 people including children died as a result of the incident. 

Residents said the accident occurred in the dead of night when the dam burst near the town of Mai Mahiu in Nakuru county, sending torrents of water and mud gushing down a hill and engulfing everything in its path.

The ministry said the Kingdom stands with the government and people of Kenya during this painful time. 

Torrential rains and floods continue to batter the country and 181 people have been killed since March, with hundreds of thousands forced to leave their homes.


Saudi crown prince discusses preparations to host Expo 2030 with BIE head

Saudi Crown Prince Mohammed bin Salman hosts the Secretary-General of the BIE Dimitri Kerkentzes on Wednesday.
Updated 01 May 2024
Follow

Saudi crown prince discusses preparations to host Expo 2030 with BIE head

  • “The BIE and the Kingdom of Saudi Arabia will work hand in hand to make Expo 2030 a tremendous success for the Kingdom, the region, and the world”: Kerkentzes

RIYADH: Saudi Crown Prince Mohammed bin Salman discussed the Kingdom’s preparations to host Expo 2030 in Riyadh with the secretary-general of the Bureau International des Expositions on Wednesday. 

Writing about the meeting on social media platform X, Dimitri Kerkentzes said he was “honored” to discuss the preparations with the crown prince. 

“The BIE and the Kingdom of Saudi Arabia will work hand in hand to make Expo 2030 a tremendous success for the Kingdom, the region, and the world,” he added.

Riyadh defeated challenges from South Korea and Italy to host the prestigious event in November 2023, and was selected by a majority of 119 out of 165 votes by BIE member states. 


Madinah megaproject aims to make region a hub for wellness tourism

Updated 01 May 2024
Follow

Madinah megaproject aims to make region a hub for wellness tourism

  • Facility will cover 240,000 square meters and aims to establish Madinah as a global destination for health and wellness
  • Once built, center hopes to accommodate up to 30 million visitors a year by 2030

RIYADH: Almqr Development Co., the investment arm of Madinah Regional Municipality, has signed an agreement with a national construction company to build a wellness resort and rehabilitation center, the Saudi Press Agency reported.

Forming part of the “Heart of Uhud” project north of the Prophet’s Mosque, the facility will cover 240,000 square meters and aims to establish Madinah as a global destination for health and wellness.

Once built, with the support of local and international investors, the center hopes to accommodate up to 30 million visitors a year by 2030.