Noble Group, the commodity trader that’s fighting to escape a spiral of decline, said net debt surged by almost US$1 billion over the first six months as its business was hurt by constrained access to funds.
Net debt expanded $945 million to $3.82bn at the end of June from $2.87bn at the end of 2016, the Hong Kong-based company said in a statement on Thursday that confirmed a second-quarter loss. The board has given priority to a reduction in indebtedness over the next two years, it said.
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Read more:
ADFG's Goldilocks ups stake in Noble Group
Goldilocks finds distressed energy firms just right
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More than two years into a crisis punctuated by accounting criticisms, a collapse in its securities and concern it may default, Noble has been selling assets, reshuffling its senior team and seeking an investor. The loss was flagged last month, when the company also announced the sale of its gas and power unit and said it was looking for buyers for its oil liquids business. The reduction in Noble’s scale, with the company pulling back to its Asian roots, has spurred speculation it may not be able to service its obligations.
“The group has been facing significant credit constraints, and availability under its uncommitted bank facilities saw a material decline,” it said in the statement. “This has impacted trading and earnings generation capacity.” The company added that the constraints prevented it from taking advantage of profitable trading opportunities.
Noble Group’s shares closed 2.8 per cent lower at 35 Singapore cents before the earnings statement was released. The company, which was founded by Chairman-Emeritus Richard Elman, has lost more than 90 per cent of its market value since 2015.
The rise in net debt was reported as the company said it lost $1.75bn in the second quarter, the bulk of which was from write-downs on the value of long-term contracts, as well as losses from supply chains. Revenue fell 19 per cent to $10.1bn in three months to June from a year earlier.
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Read more:
Noble Group set to drown in a perfect storm'
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The valuation of the long-term contracts has come under particular scrutiny from Noble’s critics, including Iceberg Research, a long-time foe that’s said they were inflated. Over the years, the company has defended its accounting, and said the researcher, which doesn’t disclose the identity of its staff, is run by a disgruntled ex-employee.
Elman’s successor, Paul Brough, is heading up a strategic review. In the July profit warning, the company said the board concluded that as part of the review “a more conservative balance sheet valuation should be implemented.” It added that more writedowns may be in store, saying: “Further additional non-cash valuation adjustments may be recorded.”
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Abu Dhabi Sustainability Week
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
