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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Shell reports rise in profits

Post-tax profit slumped to $19.4 billion last year from $42.3 billion in 2022, when prices had soared on key energy producer Russia's invasion on Ukraine. (AFP)
  • "Shell delivered another quarter of strong operational and financial performance," chief executive Wael Sawan said
  • Over the first nine months of 2023 Shell's profit was down sharply, reflecting lower oil prices year-on-year

London, United Kingdom– British energy giant Shell on Thursday said net profit rose 4.5 percent to $7 billion in the third quarter from a year earlier, as it benefits from high oil prices.

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets,” chief executive Wael Sawan said in a statement.

“We continue to simplify our portfolio while delivering more value with less emissions,” he added in an earnings statement.

Energy majors are benefiting from elevated oil prices, which are being fueled by concerns the Israel-Hamas conflict could widen across the crude-rich Middle East.

Shell also announced a fresh buyback of shares worth $3.5 billion.

Adjusted earnings in the third quarter stood at $6.2 billion, up compared with the second quarter, on “robust operational performance and higher oil prices and refining margins”.

Over the first nine months of 2023 Shell’s profit was however down sharply, reflecting lower oil prices year-on-year.

Crude futures had soared at the start of 2022 following the invasion of Ukraine by major oil producer Russia.

After later falling somewhat, they are once more on the rise owing to fears of escalation in the Israel-Hamas conflict.