Saudi Aramco profits hit by falling oil prices
Saudi Aramco's second-quarter profits fell by almost 40% as a result of weaker oil prices. Yahoo Finance Markets Reporter Jared Blikre notes that the company remains highly profitable despite the loss, noting that the company had a net income of $30 billion last quarter, which Blikre describes as a "stabilization level."
https://finance.yahoo.com/video/saudi-aramco-profits-hit-falling-144206960.html
No layoffs so far
Yes sir, no sir, three bags full sir.Inshallah.
I hear more chatter around the place in general. If you’re youngish and talented, I recommend looking at other options. If you’re old and untalented, keep your head down. You need to be the ultimate yes man to survive as an expat beyond 2024. How high sir?
In wrote a post about the pool incident. It was taken down by admin here.
The JH Pool post needs clearing up. I was there whilst watching my children swim.
This incident happened at the Hill Pool. The excellent Coach we have got all kids out of the pool as lifeguards were oblivious. The Coach asked staff if the 3 girls, not 2, were needed to be taken to hospital and Lifeguards said no! Parents took their children to JHAR later that evening after each girl felt discomfort!
The team was then moved to the dreadful JH Pool where a number of swimmers received deep cuts to their feet because of sharp inlet water jets on walls. Otherwise sessions were aborted as pool wall lights and their a wires coming adrift in the water!
"Aramco already is suffering a brain drain, its the same with locals too."
Aramco is run by a mafia taking orders from Riyadh. Brains aren't required. Just blind obedience. All that analysis you are doing and all the effort you are putting forth to get accurate data means nothing in the end. The whole thing is a farse, and the mob has decided that they want to give themselves promotions and pay raises by cutting back on how much they pay for the farse.
Ever wonder why Expats are not longer included in most high level meetings? Ever wonder why high level meetings are conducted mostly in Arabic? The answer is that the Big Bosses got sick of pretending to give a s#^+.
This is a crazy way to run a business. The best will never join or just jump ship. Aramco already is suffering a brain drain, its the same with locals too. Whoever is left please turn out the lights...
"I've seen a first hand diktat that no more hiring or promotions above GC14 for expats in my business line. All in the name of cost savings."
I think that's standard operating procedure in almost every area of Aramco now.
I've seen a first hand diktat that no more hiring or promotions above GC14 for expats in my business line. All in the name of cost savings.
Any of the few still on old payroll are secure if they made it through the previous cull; most will retire soon anyway, not many left. The more worrisome move will be the contracting out on a more rapid basis which is the obvious direction forward. But don’t worry, as long as you are willing to accept half your current pkg, you’ll have a job, with less time off.
Recently, the JH pool was closed for a period after several kids developed breathing problems, at least 2 of which required hospital treatment. Apparently one of the ‘qualified’ workers pressed a release button for Chorine when the pool was open. Basically poisoned the swimmers.
The Mob Boss wants his money. Its like that scene in Goodfellas where the crew takes over a restaurant. Oil Price down? F U PAY ME! Got a problem with production? F U PAY ME! The crew ended up burning down the restaurant for the insurance money. Those are the kind of people you are working for at Aramco.
80$ bbl is break even for the Kingdom to find it’s vanity projects or “strategic investments”. Come hel1 or high water water that will happen, production cuts have been extended and even the Ruskies are playing ball. Problem is less oil is being sold so it’s all a bit of a false economy.
Job cuts by Q4 is my guess, anyone left on the old payrolls will be first in the crosshairs.