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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

BAT takes shock $32bn hit

BAT said its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between three and five percent. (AFP)
  • Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up smoking
  • The London-listed company added that its overall revenue growth for the current year was set to be at the "low end" of its previous guidance of between 3 and 5 percent

London, United Kingdom – British American Tobacco on Wednesday announced a shock £25-billion ($32 billion) impairment charge on US cigarette brands, citing a slowing economy and shift away from traditional products, sending group shares sliding.

Companies like BAT face plunging demand for cigarettes in Western markets, where high taxes, smoking bans and health fears persuade many consumers to give up or switch to other controversial smoking products.

The maker of Lucky Strike and Dunhill cigarettes has sought to capitalize on the fast-growing vaping market, which is clouded by health concerns.

BAT said such a shift “in combination with the current macro-economic headwinds impacting the US combustibles industry, in 2023 we will take an accounting non-cash adjusting impairment charge of around £25 billion”.

“This accounting adjustment mainly relates to some of our acquired US combustibles brands, as we now assess their carrying value and useful economic lives over an estimated period of 30 years.”

The London-listed company added that its overall revenue growth for the current year was set to be at the “low end” of its previous guidance of between three and five percent.

Wednesday’s shock impairment charge sent BAT shares sinking 7.6 percent to £22.98 on London’s FTSE 100 index, which was up 0.4 percent in mid-morning deals.