LONDON, UK – Europe's aviation industry is extending its bounceback from the Covid pandemic, as British Airways owner IAG and Franco-Dutch rival Air France-KLM posted bumper 2023 profits on Thursday. The sector is flying at cruising altitude on pent-up demand after emerging from the dark days of Covid, which grounded planes...
Tax havens only half the story, says OECD
Paris, France - Tax havens are blamed for lower public revenues elsewhere as they lure away multinational firms but a study published on Tuesday showed that tax breaks in high-rate countries are also heavily exploited. Half the profits booked by multinationals benefiting from low tax rates were from countries that have...
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn.
Nokia to slash 14,000 jobs
It took the decision after posting a drop in Q3 profits.
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.GCC real estate transactions surge on demand increase
GCC real estate hits $90.7 billion in the first half of 2023, a 9.9% year-on-year increase, with Dubai leading the market, contributing 54 percent to the total value.Energy, commodity prices hurt profits of GCC firms
GCC-listed companies' net profit dropped to US$ 57.9 billion in Q2-2023. While retail, capital goods, and utilities sectors faced profit declines, the banking sector thrived.
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
Samsung Q1 profit falls 95%
This is firm's worst quarterly profit since Q1 2009.
Airlines to fly 4.35bn passengers this year, says industry group
ISTANBUL, TURKEY - Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back from the Covid pandemic, an industry group said on Monday. The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023, or...
Volkswagen net profit falls
Sales revenue rose 22% from January to March.HSBC posts bumper profits
Its pre-tax profits touched US$12.9bn in Q1 of 2023.Ericsson Q1 net profit at $155m
Firm announced that it would slash 8,500 jobs worldwide.
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from...Huawei posts 69% fall in profits
Its net profit recorded a drastic drop to US$5.2 billion.Zain KSA posts record profit
The company's profit vaulted 157% to US$147m in 2022.
Centrica 2022 profit US$4bn
Firm's profit rose due to gas and crude oil prices spike.Sanofi 2022 net profit at $7.3bn
Dupixent drug has been a huge success for the firm.Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.ExxonMobil posts bumper profits
The oil company's profits during Q4 stood at $12.8bn.
Bayer Q3 profits at US$544m
Strong performance of the firm's agrochemicals division helped.
ConocoPhillips buys 6.25% in Qatar’s North Field South project
Project is part of the world's biggest natural gas reserves.OMV Q3 net profit at $3.28bn amid high energy prices
Revenue doubled year-on-year to US$17.1 billion.
Volvo Cars posts Q3 net profit of US$61m
Retail sales declined in its main markets Europe and the US.ADIB posts $272m net profit
The year-on-year growth in net profit was 53% for the first nine months of 2022.GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing.
Nokia Q3 profit at $419m
The Finnish company reports net sales of $6billion.Ericsson Q3 profit at $480m
Firm is making 'pricing adjustments' as inflation soars.Infosys Q2 profit at US$731.4m
The firm approved a $1 billion share buyback after Q2 result.TSMC Q3 revenue at US$19.4bn
The firm operates the world's largest silicon wafer factories.German govt to relook huge gas levy amid outrage
German ministers vowed to reexamine a planned gas surcharge imposed on consumers after it emerged that some energy companies seeking a share of the levy were in fact posting billion-euro earnings.Listed insurance firms’ in UAE net profits at $222m in H1 2022
The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64 percent year-on-year to $302 million while their net profits totaled $222 million.IHG H1 profits surge to $216mn
IHG said it would resume its interim dividendGulf airlines recoup losses, make profits after 2 years
The global aviation sector's losses, which rose to around S138 billion in 2020, dropped to nearly $42 billion in 2021. The IATA hopes that making profits this year appeared is within reach for the airlines as people are traveling in greater numbers and freight is doing very well despite economic...Zara owner Inditex profits up
The company's net profit increased by 80 percent
Central Bank of Iraq increases its capital to $3.42 billion
The Central Bank of Iraq has announced an increase in its capital to 5 trillion dinars ($3.42 billion) Iraqi media reports said recently that the bank decided to its capital from 3 trillion dinars to 5 trillion dinars. "This increase comes to enhance the results of its balanced policies with...Firms listed on Muscat Stock Exchange post $1.4bn in net profits
Omani companies, which are listed on the Muscat Stock Exchange (MSX), reported total net profits of $1.39bn for the year 2021, 3.7 percent less than the $1.44bn in 2020. The decline was due to a fall in net profits of four out of the top five sectors at the MSX,...How European rulings imperil flagship Google product
Lax laws and sweetheart deals are becoming a thing of the past for big tech firms, particularly in Europe where a series of rulings is posing a major threat to one of Google's flagship products. Activists have filed dozens of cases with regulators in Europe arguing that the tool breaches...
HSBC 2021 profits double
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses.
Airbus posts net profit of $4.8bn in 2021, after two years of losses
European aircraft giant Airbus posted record profits in 2021 after two years of losses as it cruises past the pandemic-induced crisis in the travel industry, company results showed Thursday. The group, which employs more than 126,000, plans to recruit 6,000 people this year.UAE to levy 9% tax on business profits from next year
The UAE’s Ministry of Finance will start levying a 9 percent tax on business profits from June 1, 2023 thereby putting an end to tax-free culture that enabled the country to lure businesses from around the world. The UAE has been looking to reduce its dependence on revenue earned from...
QIIB 2021 profit at $276m
This was an increase of 7 percent in net profit year on year.
Gulf boardrooms still a man’s world
Female representation on boards and at higher levels across the Gulf is trailing behind much of the rest of the world
Dubai Investments profits surge 47%
The Dubai-based firm's net profits rose to AED302 million in the first half of this year.
EITC’s Q2 net increases 11.4% to AED240m
Dubai-based company's capital expenditures stood at AED649 million during the quarter.
Non-performing loans ratio for GCC banks up by 0.4%: KPMG report
Report provides banking industry leaders with analysis along with insights and forward-looking views Cost and operational efficiencies expected to remain a top priority for banks in 2021 The overall non-performing loans (NPL) ratio for the Gulf Cooperation Council banking sector has increased by 0.4% and now stands at...
