balances

Mubasher: Oil prices fell sharply today, Monday, amid anticipation of the Federal Reserve meeting later this week.

US oil futures fell by more than 4% to $67.39 a barrel.

This comes at a time when Goldman Sachs has lowered its forecast for the price of oil again this year, with increasing supplies and fears of demand. Although the bank was one of the biggest bulls on oil prices, it cut its forecast for Brent crude to $86 from $95 a barrel, and lowered its forecast for West Texas crude to $81 from $89, according to a report released Monday and reported by Bloomberg.

The report indicated that the Russian and Iranian oil supplies exceed expectations by a large degree, despite the reduction in Saudi production.

This is the third revision during which Goldman has lowered its forecast for oil prices in the past six months, after it had expected the price to reach $100 a barrel.

“We’ve never gone so long without seeing evidence to change our views,” Jeff Currie, head of commodity research at the bank, said in an interview with Bloomberg TV last week.

In its report, the bank said that Russia’s production, in particular, had “almost fully recovered” despite sanctions imposed by Western countries.

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Abu Dhabi – Mubasher: The Emirates Central Bank’s possession of gold increased to 17.413 billion dirhams at the end of last March, from 15.910 billion dirhams By the end of February 2023, an increase of 1.503 billion dirhams.

The Emirates Central Bank’s possession of gold increased by 38 percent at the end of last March, equivalent to 4.775 billion dirhams, compared to about 12.638 billion dirhams in March 2022, according to data issued by the Emirates Central Bank.

And the statistical bulletin issued by the UAE Central Bank earlier showed that the gold balance increased by 28%, an increase equivalent to 3.4 billion dirhams by the end of February 2023, on an annual basis..

The bank’s gold balance reached 15.91 billion at the end of last February, compared to 12.476 billion dirhams in February 2022.

The value of gold bullion within the assets of the UAE Central Bank rose to 16.758 billion dirhams at the end of last January, from 16.045 billion dirhams at the end of December 2022, an increase of 713 million dirhams..

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Abu Dhabi – Mubasher: The Abu Dhabi Securities Market is witnessing today, Tuesday, the start of the subscription period for the shares of ADNOC Logistics and Services, a subsidiary of ADNOC, by offering 15% of its capital. Equivalent to 1109.8 million of its shares in the market.

According to the data, the subscription targets 3 segments, the first being for individuals, for which 9 were allocated% of the offering shares, compared to 88% For professional investors, and 3% For employees of ADNOC companies and retirees of Emirati nationality residing in the country.

Each subscriber in the first tranche will be guaranteed an allocation of up to 1,500 shares, while each subscriber in the third tranche will be guaranteed an allocation of up to 2,500 shares. The period specified for the first and third tranches ends on May 23, while the second tranche extends until May 24, 2023..

The price range for the offering shares was set today, between 1.99 dirhams to 2.01 dirhams per share; This means that the value of the shares is 14.7 billion dirhams to 14.9 billion dirhams, and the shares are expected to be listed on the Abu Dhabi Stock Exchange on June 1.

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Cairo – Mubasher: The consolidated financial statements of Qalaa Financial Consulting Company revealed, for the past year, the company’s transformation from losses to profitability, on an annual basis..

And the company stated in a statement to the Egyptian Stock Exchange, today, Sunday, that it achieved a net profit of 14.28 billion pounds during 2022, compared to losses of 5.7 billion pounds in 2021, taking into account minority rights..

The losses of the shareholders of the parent company amounted to about 2.28 billion pounds during the past year, compared to losses amounting to 2.27 billion pounds in 2021..

While the non-controlling interests recorded profits of 16.57 billion pounds in 2022, compared to losses of 3.43 billion pounds in 2021..

The company’s revenues rose to 97.71 billion pounds in 2022, compared to revenues of 45.8 billion pounds in 2021..

On the level of the unconsolidated company, the losses of the independent company rose during the past year to 3.31 billion pounds, compared to losses of 509.46 million pounds during 2021..

It is noteworthy that Citadel Capital for Financial Investments recorded a net profit of 11.86 billion pounds during the period from January to the end of September 2022, compared to losses of 4.51 billion pounds during the same period in the previous year, taking into account minority rights..

During the first nine months of this year, the shareholders of the parent company recorded losses of 205.87 million pounds, compared to losses amounting to 1.32 billion pounds during the comparative period of 2021..

While the non-controlling interests recorded profits of EGP 12.07 billion at the end of September 2022compared to losses of 4.51 billion pounds during the comparative period of last year.

The company’s revenues increased during the nine months to 69.38 billion pounds, compared to 30.97 billion pounds during the comparative period of 2021..

In terms of non-consolidated lists, the losses of the independent company increased during the period from January to last September to 1.49 billion pounds, compared to losses of 301.49 million pounds during the comparative period of last year..

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