NEW YORK: Warren Buffett’s Berkshire Hathaway Inc. said fourth-quarter profit rose 32 percent, helped by improved results in its insurance operations and higher gains from investments and derivatives.
Net income rose to $5.48 billion, or $3,333 per Class A share, from $4.16 billion, or $2,529 per share, a year earlier.
Quarterly operating profit rose 18 percent to $4.67 billion, or $2,843 per share, from $3.96 billion, or $2,412 per share.
Analysts on average had forecast operating profit of $2,814 per share, according to Thomson Reuters I/B/E/S. Revenue rose 7 percent to $51.82 billion.
Book value per share, which measures assets minus liabilities and which Buffett considers a good yardstick for Berkshire’s intrinsic worth, rose 6.4 percent from a year earlier to $155,501.
For all of 2015, profit rose 21 percent to $24.08 billion, or $14,656 per share. It would have edged lower but for a gain from the merger that created Kraft Heinz Co, Berkshire said. Operating profit rose 5 percent to $17.36 billion, or $10,564 per share.
Buffett, 85, has run Berkshire for nearly 51 years.
He has transformed it from a failing textile company into a conglomerate with roughly 90 businesses in such areas as insurance, railroads, energy, food, apparel and real estate.
The Omaha, Nebraska-based company also has well over $100 billion of equity investments, including American Express Co. , Coca-Cola Co, IBM Corp, Kraft Heinz and Wells Fargo & Co.
Berkshire ended the year with $71.73 billion in cash. It spent some of it last month when it acquired industrial parts maker Precision Castparts Corp, Buffett’s largest acquisition.
Warren Buffett’s Berkshire Hathaway Q4 profit rises 32%
Warren Buffett’s Berkshire Hathaway Q4 profit rises 32%
Saudi Arabia approves over 1k chemical permits, awards 172 mining licenses
RIYADH: Saudi Arabia processed more than 1,000 chemical permit requests in November and awarded exploration rights for 172 mining sites in what the government described as its largest licensing round on record.
The Ministry of Industry and Mineral Resources said it handled 1,095 chemical clearance requests during the month, including 1,041 approvals for non-restricted chemicals and 54 for restricted substances, covering 2,081 product classifications, the Saudi Press Agency reported.
It forms part of ongoing efforts to accelerate the discovery and development of mineral resources valued at over SR9.4 trillion ($2.51 trillion), aligning with Vision 2030’s objective to position mining as the third pillar of the national industrial sector.
Ministry spokesperson Jarrah Al-Jarrah explained that the chemical clearance service enables industrial investors to obtain import or export permits for chemicals used in manufacturing through the “Sanaei” digital platform.
“He clarified that the service aims to ensure that chemical clearances for industrial facilities are granted through streamlined procedures and in a timely manner, thus serving investors and facilitating the entry of their materials through ports of entry,” the SPA report stated.
Al-Jarrah explained that the service plays a critical role in enhancing industrial output by developing and automating permit procedures for production-related chemicals as part of the ministry’s digital services.
In a separate development, the ministry announced that 24 domestic and international companies and consortiums won exploration licenses across 172 mining sites in Saudi Arabia, with 76 of those sites awarded through a multi-round public auction.
These sites span three mineral belts in the Riyadh, Madinah, and Qassim regions, with committed exploration spending exceeding SR671 million during the first two years of project implementation.
The ministry described this licensing round as the largest mining tender in the Kingdom’s history.
The competition covered more than 24,000 sq. km across regions known for strategic minerals including gold, copper, silver, zinc, and nickel.
Additionally, the ministry noted that 26 qualified companies participated through the electronic bidding platform, progressing through a transparent process that began with prequalification and culminated in competitive multi-round auctions.
The ministry confirmed that these investments aim to develop untapped exploration zones and enhance the utilization of Saudi Arabia’s mineral wealth, strengthening global supply chains.
It also announced plans to launch further exploration license tenders covering 13,000 sq. km across Madinah, Makkah, Riyadh, Qassim, and Hail, with additional opportunities to be revealed at the 5th Future Minerals Forum in Riyadh from Jan. 13 to 15.
These efforts, the ministry stated, reflect a broader mining strategy focused on maximizing resource potential, attracting foreign investment, creating employment opportunities, and integrating value chains to establish Saudi Arabia as a global mining hub.
