NEW YORK: ExxonMobil earnings fell sharply in the first quarter as the big drop in oil prices crimped the petroleum giant’s exploration and production results, the company said.
Earnings fell 45.7 percent to $4.9 billion. Revenues dropped 36.4 percent to $67.62 billion.
The drop reflected the effects of a big retreat in oil prices since June 2014, which has led to a difficult year-on-year comparison for energy companies.
Exxon’s upstream division, which drills and produces petroleum prospects, saw profits sink 63.3 percent to $2.9 billion.
The hit from lower commodity prices more than offset the benefit from slightly higher output due to new developments in Papua New Guinea, Angola and other countries.
On the positive side, earnings from Exxon’s refining segment more than doubled to $1.7 billion thanks to cheaper costs for crude oil.
“ExxonMobil’s balanced portfolio delivered solid financial results in the quarter,” said CEO Rex Tillerson.
“Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create longterm shareholder value.”
On Wednesday, the oil giant announced it was raising its dividend by four cents to 73 cents per share. Exxon previously announced it would trim capital spending over the next few years due to low oil prices.
The earnings translated into $1.17 per share, well above the 83 cents projected by analysts.
Exxon shares rose 1.3 percent in pre-market trade to $89.05.
ExxonMobil earnings fall on low crude prices
ExxonMobil earnings fall on low crude prices
Veolia puts Gulf region at the forefront of desalination innovation
MUSCAT: Desalination is fast becoming a cornerstone of global water resilience — and at the heart of this transformation is Veolia, a global leader in water technologies. With operations spanning continents, the company is placing the Gulf region at the center of its innovation strategy.
“Gulf countries, and particularly Oman, are now our global centre for desalination innovation,” said Estelle Brachlianoff, CEO of Veolia. “What we’re building here represents global excellence, underpinned by continuous technological evolution,” she told *Arab News en français.
Scaling solutions
Veolia currently operates more than 2,300 desalination facilities across 108 countries, representing 18 percent of the world’s installed capacity. As global demand soars, the company plans to double its output — from 1.4 to 2.8 billion cubic meters per year by 2030 — in a market expected to exceed 40 billion liters per day by decade’s end.
Recent projects, including Hassyan and Mirfa 2 in the UAE, underscore this momentum. A major facility is also in development in Rabat, Morocco. Meanwhile in Saudi Arabia, where daily desalination needs often top 600 million liters, Veolia is enabling a shift toward membrane-based systems tailored for scale, efficiency, and sustainability.
From solar-powered plants to AI-optimized membrane systems, Veolia continues to pioneer technologies like its patented Barrel™ modular system — highlighting the company's commitment to high-performance innovation.
FASTFACTS
Veolia leads globally in desalination, operating over 2,300 sites in 108 countries and aiming to double output by 2030.
Energy efficiency in desalination has improved dramatically, with power use down 85 percent since the early 2000s and water costs dropping from $5 to under $0.50 per cubic meter.
Veolia’s future-focused approach blends innovation, affordability, and environmental stewardship, reinforcing its global leadership in water technologies.
Breaking the myths
A key part of Veolia’s success has been challenging outdated perceptions around desalination. "We’ve broken all the old myths about desalination, one by one,” said Brachlianoff.
Energy consumption, once a major drawback, has dropped by over 85 percent since the early 2000s due to next-generation membranes and energy recovery technologies. Production costs have fallen from $5 to less than $0.50 per cubic meter, making desalinated water a viable option for municipalities and mid-sized industries alike.
Veolia’s new solutions are now also being deployed in sectors such as mining, refining, and even data centers. Projects in Sur, Oman, feature solar integration, while others introduce advanced brine discharge control systems, raising environmental standards across the board.
Gulf countries as living laboratories
Veolia’s work in Oman supports the country’s Vision 2040, particularly its renewable energy goals.
“We’re directly contributing to the goal of achieving 30% renewable energy in the national mix,” said Erwan Rouxel, CEO of Veolia Oman.
A solar plant already provides over a third of the Sur facility’s power needs. The company is also investing in landfill gas-to-energy projects. Crucially, Oman also serves as a hub for workforce development, with 75 percent of Veolia Oman’s staff being local nationals.
“Our Omanization efforts are crucial, not only for business continuity but also for creating shared value with the communities we serve,” Rouxel added.
In Saudi Arabia, Veolia is helping the country transition from thermal desalination to more efficient membrane-based processes.
“The country is shifting from thermal desalination to membrane-based desalination, particularly reverse osmosis,” said Adrien de Saint Germain, CEO of Veolia’s Water Technologies division. “And these aren’t small projects — some exceed 500 to 600 million liters per day. What matters now is how we optimize the entire environment around the membranes.”
He emphasized that Veolia’s approach involves more than technology — it is also about building long-term partnerships through cost-effective design and strategic delivery.
“What makes Saudi projects unique is their multi-year horizon and scale. We can plan strategically and deliver consistently,” he said.
Moroccan innovation in the Atlantic
While the Gulf drives growth in volume, Morocco is offering innovation on a different front — the Atlantic.
“In Morocco, we’re working with Atlantic seawater, which involves very different parameters: lower temperatures, different algae risks,” explained Anne Le Guennec, Senior EVP of Water Technologies. “But it’s the same scale: 800,000 cubic meters per day, just like Hassyan in Dubai.”
Regional expertise plays a critical role in success, she noted.
“From red algae to changing water quality, we know this region. And we work with strong local partners who can respond quickly and deploy workforce on a large scale,” she added.
Toward atomic-level filtration
Looking ahead, Veolia is pushing the boundaries of water purification for specialized industries.
“We’re currently developing solutions using ion-exchange resins,” Le Guennec revealed. “We’re talking atomic-level filtration, separating specific ions. This is where we’ll meet the ultrapure water needs for industries like pharmaceuticals and semiconductor manufacturing.”
This next-generation technology is also feeding into global projects, including the “water of the future” initiative in Paris, where Middle Eastern expertise will help deliver water free of micropollutants by 2027.
Long-term vision and global impact
For CEO Estelle Brachlianoff, Veolia’s strategy is defined by continuous innovation, cost-effectiveness, and environmental responsibility.
“Our ambition is clear: to maintain our global leadership in desalination by continuing to evolve, innovate, and provide the most cost-effective and energy-efficient solutions on the market,” she said.
As water scarcity intensifies worldwide, Veolia is not merely adapting — it is setting the standard.
IMF appoints first mission chief to Syria in 14 years
BEIRUT: The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, the country’s Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.
Bernieh said van Rooden’s appointment came “following our request” and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.
“This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria’s economic recovery and improving the well-being of the Syrian people,” Bernieh wrote.
The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF’s decisions on Syria confirmed van Rooden’s appointment.
According to the IMF’s website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar Assad erupted.
Assad’s crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning rebel offensive last December, with an Islamist-led government now ruling the country.
The new leaders have been keen to re-establish Syria’s ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.
Bernieh and Syria’s central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria’s new authorities to the US since Assad’s fall.
On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as “very successful” and said there was “unprecedented” interest in supporting Syria’s reconstruction.
A top official from the UN Development Programme told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years.
TASI closes in green at 11,681, gaining 0.82%
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,681.11 points, marking an increase of 94.71 points or 0.82 percent.
The total trading turnover of the benchmark index was SR6.066 billion ($1.617 billion), as 189 of the listed stocks advanced, while 54 retreated.
The MSCI Tadawul Index also surged by 14.14 points, or 0.96 percent, to close at 1,488.74
The Kingdom’s parallel market Nomu reported an increase as well, gaining 181.35 points, or 0.64 percent, to close at 28,463.11 points. This comes as 48 of the listed stocks advanced while as many as 34 retreated.
The index’s top performer, Musharaka REIT Fund, saw a 10 percent increase in its share price, closing at SR4.84.
Other top performers included Al-Baha Investment and Development Co., which saw a 9.97 percent increase to SR3.31, while Mulkia Gulf Real Estate REIT’s share price rose 9.96 percent to SR5.52.
Alistithmar AREIC Diversified REIT Fund also recorded a positive trajectory, with share prices rising 9.92 percent to reach SR6.90.
Allied Cooperative Insurance Group was TASI’s worst performer, with the company’s share price falling by 3.35 percent to SR15.
Etihad Etisalat Co. followed with a 3.17 percent drop to SR61. This decline comes after the firm’s consolidated interim financial results for the first quarter.
The company reported a 20.21 percent increase in its net profit, reaching SR 767 million, compared to the same period in 2024.
Saudi Printing and Packaging Co. also saw a notable decline of 3.03 percent to settle at SR 12.80.
On the parallel market, National Building and Marketing Co. was the top gainer, with its share price surging by 9.88 percent to SR198.
Other top gainers in the parallel market were Arabian Plastic Industrial Co. and Ghida Alsultan for Fast Food Co., with their share prices surging by 8.51 percent and 5.65 percent, to reach SR51 and SR44.9, respectively.
Al Mohafaza Co. for Education was the major faller on Nomu, as the company’s share price slipped by 9.59 percent to SR23.10.
Yamama Cement Co. also announced its financial results for the first quarter of 2025, reporting a 23.51 percent increase to SR142 million compared to the same period of last year.
The company said in a statement on Tadawul that the increase in profit was mainly due to an annual rise in the average selling price and an increase in sales volume for the current quarter.
The firm’s share price closed on Wednesday’s session at SR36.7, increasing by 2.92 percent.
Saudia Group orders 20 Airbus A330neo jets to fuel fleet expansion
RIYADH: Saudia Group has signed a new agreement with Airbus to acquire 20 wide-body A330neo aircraft, including 10 confirmed orders for its low-cost carrier flyadeal, as part of its fleet expansion strategy.
The deal, finalized at Airbus’s facility in Toulouse, France, reinforces the group’s ambitions to enhance operational efficiency and expand destination coverage, aligning with Saudi Arabia’s Vision 2030.
With deliveries scheduled between 2027 and 2029, the acquisition marks a continuation of Saudia Group’s broader modernization plan, which includes a 2023 order for 105 Airbus aircraft.
A330neo’s long-range capability and fuel efficiency are expected to play a central role in supporting the Kingdom’s goals of connecting to 250 destinations and transporting 330 million passengers annually.
The agreement aligns with the Kingdom’s broader trend of making multiple Airbus aircraft purchases.
In October, Riyadh Air signed a deal to purchase 60 Airbus A321neo aircraft. In July, the Royal Saudi Air Force signed a contract with Airbus for four additional A330 Multi Role Tanker Transport aircraft.
The deal was signed by Saleh Eid, vice president Fleet Management and Agreements at Saudia Airlines, and Benoit de Saint-Exupery, executive vice president of Commercial Aircraft Sales at Airbus, in the presence of Ibrahim Al-Omar, director general of Saudia Group and Christian Scherer, CEO of the Commercial Aircraft business of Airbus.
Al-Omar emphasized the significance of the deal as a continuation of the group’s ambitious strategy to expand and modernize its fleet.
He noted that this agreement follows a previous order of 105 Airbus aircraft in 2023 and supports national strategies under Vision 2030 aimed at reaching 250 destinations, transporting 330 million passengers, and attracting 150 million tourists annually.
Benoit de Saint-Exupery welcomed the order as a strategic advancement for both parties.
“Saudia Group’s order for A330neo aircraft for flyadeal is a crucial step toward enabling the Kingdom’s long-haul expansion and attracting a broader range of passengers,” he said.
“The aircraft’s proven efficiency, versatility, and passenger experience make it the right fit for Saudia Group’s strategic growth,” he added.
Saudia Group currently operates a fleet of 194 aircraft across its commercial, low-cost, cargo, and logistics divisions.
With an additional 191 aircraft expected to be delivered in the coming years, the group is advancing its position as a key enabler of Saudi Arabia’s aviation sector and broader national development initiatives.
Saudi Arabia, Ethiopia target key sectors in push to deepen economic ties
JEDDAH: Saudi Arabia and Ethiopia plan to boost economic cooperation in key sectors — including agriculture, manufacturing, and tourism — as officials from both nations met at a forum in Riyadh.
The event, organized by the Federation of Saudi Chambers, brought together more than 150 representatives from the public and private sectors of both countries, the Saudi Press Agency reported, and marked the first major gathering since the establishment of the Saudi-Ethiopian Business Council last year.
The initiative aligns with Saudi Arabia’s strategy to strengthen economic ties with African nations and explore new investment opportunities and markets, recognizing Ethiopia’s potential as a favorable investment environment, a key trade gateway to the continent.
Ethiopia’s State Minister for Trade and Regional Integration Abdulhakim Mulu invited Saudi investors to explore opportunities in key sectors including agriculture, food industries, and tourism, as well as hospitality and manufacturing.
He emphasized Ethiopia’s rapid economic growth and the government’s commitment to improving infrastructure and fostering a favorable investment climate.
Federation of Saudi Chambers Chairman Hassan Al-Huwaizi stated that Saudi Arabia is actively working to strengthen its relations with African countries, particularly Ethiopia, which serves as a strategic gateway for Saudi exports to the continent.
“He noted Ethiopia’s natural resources and potential in agriculture, food industries, and mining, adding that the limited trade volume, which is merely SR1.3 billion ($347.1 million), indicates untapped investment opportunities,” SPA reported.
The Saudi-Ethiopian Business Council was formally approved by the Saudi General Authority for Foreign Trade last year to enhance bilateral trade and investment. Its formation followed agreements reached during a prior forum held on June 5 in Addis Ababa.
As both nations seek to deepen their economic engagement, the council is expected to play a pivotal role in unlocking new opportunities, boosting bilateral trade, and fostering a more integrated economic partnership between Saudi Arabia and Ethiopia.
According to a 2024 World Bank report, Ethiopia — home to 126.5 million people as of 2023 — is the second most populous nation in Africa and one of the continent’s fastest-growing economies, recording a 7.2 percent growth rate in the 2022/2023 fiscal year.
Despite this progress, Ethiopia remains one of the world’s poorest countries, with a gross national income per capita of $1,020. The country aims to achieve lower-middle-income status by 2025, building on years of infrastructure-driven growth that have helped reduce poverty and improve access to essential services.
