In today’s briefing:
- A Closer Look at Gravita India’s Qualified Audit Opinion
- Adbri (ABC AU): 12th June Shareholder Vote
- Equinor ASA: Natural Gas Market & Horizon Expansion & 3 Other Major Drivers
- Southern Copper Corporation: What Is The Current Impact Of Copper Market Dynamics & Prices – Major Drivers
- Valero Energy Corporation: Growth in Renewable Diesel and Ethanol A Major Growth Catalyst? – Major Drivers
A Closer Look at Gravita India’s Qualified Audit Opinion
- Gravita India (GRAV IN) faced a Qualified Audit Opinion over share sale proceeds’ reporting by its Employee Welfare Trust.
- The dispute centers on whether to record these proceeds in the P&L or Balance Sheet, impacting transparency and financial metrics.
- This dispute reduced the PBT by 7.54% and EPS by 8.66% decrease in Q4 FY24.
Adbri (ABC AU): 12th June Shareholder Vote
- On the 27 Feb 2024, construction play Adbri (ABC AU) entered into a Scheme Implementation Deed with CRH (CRH US) and 42.7%-shareholder Raymond Barro (Chairman) at $5.20/share.
- Conditions include Adbri’s shareholder approval and FIRB signing off. Optically, it doesn’t appear to be a knockout price. However, Adbri’s share price has laboured since the onset of Covid.
- The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th June. Expected implementation on the 1 July. IE says fair & reasonable.
Equinor ASA: Natural Gas Market & Horizon Expansion & 3 Other Major Drivers
- Equinor ASA, a leading Norwegian energy company, showed impressive operational performance in Q1 2023, backed by strong production and an increase in liquid prices.
- Equinor’s team highlighted the adjusted operating income of $7.5 billion, adjusted net income of $2.7 billion, as well as robust cash flow after tax of $5.8 billion.
- Earnings per share were identified at $0.96.
Southern Copper Corporation: What Is The Current Impact Of Copper Market Dynamics & Prices – Major Drivers
- Southern Copper Corporation performed admirably in 2023 despite facing some challenges.
- The company reported net sales of $9,896 million, a decrease of 1.5% compared to 2022.
- This was primarily due to higher copper and molybdenum sales volumes, increased molybdenum and silver prices, and a reduction in copper and zinc metal prices along with decreased silver and zinc sales volumes.
Valero Energy Corporation: Growth in Renewable Diesel and Ethanol A Major Growth Catalyst? – Major Drivers
- Valero Energy Corp had a strong Q1 2024, achieving a net income of $1.2 billion thanks to their team’s ability to maximise output despite having extensive planned maintenance across their refining system.
- A large part of their achievement was due to stable refining margins that were sustained by restricted product supplies, influenced by heavy seasonal refining turnarounds and geopolitical events.
- Furthermore, their diesel demand was unseasonably high, and their gasoline demand was on par with last year’s levels.
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