Telecom giant stc gained 0.40 percent, after posting a slight profit surge of 2 percent to SR5.9 billion in the first half of 2022. slipped 4.01 percent, after its half-year profit was down 7 percent to SR49 million. Saudi British Bank added 0.72 percent, after its profit increased by 10 percent to SR2.1 billion ($559 million) in the first half of 2022. The Saudi National Bank shed 0.28 percent, while the Kingdom’s largest valued bank, Al Rajhi, fell 0.91 percent. Saudi time.Īs of Wednesday's closing bell, TASI lost 0.15 percent to 12,291 while the parallel market, Nomu, added 0.98 percent to 21,758.
RIYADH: Saudi Arabia's benchmark index ended lower for a second consecutive day after oil prices fell and inflation and high interest rates triggered a global recession.īrent crude settled at $101.68 a barrel, while West Texas Intermediate traded at $95.83, as of 3:08 p.m. Net income fell to $109 million from $263 million, mainly due to the pre-tax charge from exiting Russia. The North America rig count rose to 750 rigs at the end of the second quarter, compared with around 475 at the same period last year, Baker Hughes data showed. Miller further noted that customer spending remains on track to increase by mid-teens this year, with the Middle East and Latin America expected to grow the most. He added that spare capacity of the Organization of the Petroleum Exporting Countries is now at historical lows, and the risk to Russia's supply remains high. In a conference call with Reuters, he further noted that post-pandemic economic expansion, energy security requirements and population expansion will continue to drive oil demand. He also forecast international demand for oilfield services would “experience multiple years of growth.” In North America, “pricing gains across all product service lines supported significant sequential margin expansion,” during the quarter, CEO Jeff Miller said in a statement. Its shares were up 1 percent at $29.16 in pre-market trading on Tuesday. The Houston, Texas-based company’s adjusted net income stood at $442 million, or 49 cents per share, for the quarter ended June 30, compared with $314 million, or 35 cents per share, in the previous quarter. Halliburton reported earnings of 49 cents per share versus analysts’ estimates of 45 cents, IBES data from Refinitiv showed. 24, which it terms a “special military operation.” The oil market has been bolstered by western sanctions on Russia, the second-largest crude exporter in the world, following its invasion of Ukraine begun on Feb.
Halliburton and other oilfield companies have benefited as oil prices have held above $100 a barrel, up 53 percent from the same quarter last year, and around 6 percent higher in the second quarter this year versus the first. has posted a nearly 41 percent rise in second-quarter adjusted profit compared to the first quarter, as it predicted multiple years of growth in demand for drilling.ĭriven by high oil prices, the increase was in spite of a $344 million hit from the company winding down assets in Russia in response to its invasion of neighboring Ukraine. RIYADH: Oilfield services provider Halliburton Co.