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Daily Tribune
13-05-2025
- Business
- Daily Tribune
AlAbraaj Announces Strong Profits
TDT | Manama AlAbraaj Restaurants Group B.S.C. has announced a strong start to the year, reporting sustained profitability and advancing its strategic expansion plans. The company's Board of Directors met on Monday and approved a dividend payout of 60 percent of first quarter profits to shareholders, underlining its confidence in the business outlook. Solid financials The group recorded a net profit before associated income of BD146,982 for the three months ended March 31, reflecting a 1.8 percent increase compared to the same period last year. Net profit after associated income rose by 7.1 percent to BD125,810. Revenue for the quarter reached BD3,582,260, reflecting the anticipated seasonal impact of Ramadan and the temporary refurbishment of two outlets, both of which have since successfully resumed operations. Total assets stood at BD27,318,014 with total equity holding firm at BD14,519,517, demonstrating the company's strong balance sheet and financial stability. Expansion initiatives AlAbraaj Restaurants Group is pushing ahead with an aggressive expansion strategy. Three new outlets have opened in Bahrain, including the Camel Club Café at Al Liwan in Hamala on Monday, Lumee at Bahrain City Centre, and Orso, a new Italian dining concept, at The Avenues Bahrain. Additionally, the group has established a wholly owned subsidiary in Saudi Arabia, with plans to open a flagship restaurant in Riyadh in 2026. The regional footprint was further strengthened with the launch of a YaSalam franchise at Jeddah Airport in March. Cost management success Despite challenging market conditions, the company has maintained profitability through stringent cost control measures. Finance costs were reduced by 27.22 percent, supported by a strategic partial principal payment of BD3 million following the company's IPO. AlAbraaj said these measures reflect its commitment to financial discipline while pursuing growth across Bahrain and the wider GCC region. The company remains confident in its ability to leverage its strong financial position to support ongoing investments and expansion plans. The group announced that all branches across Bahrain are fully operational, following successful refurbishments that enhanced service offerings and improved customer experience during the first quarter. AlAbraaj celebrated the opening of three new outlets in Bahrain, reflecting its commitment to introducing fresh concepts and strengthening its leadership position in the Kingdom's dynamic dining scene. The company's establishment of a wholly owned subsidiary in Saudi Arabia was described as a major step forward in its regional expansion strategy, with the upcoming Riyadh flagship restaurant poised to anchor its growing footprint in the Kingdom. AlAbraaj reaffirmed that its substantial asset base and strong equity levels provide a powerful platform to support its ambitious growth agenda, allowing it to capitalise on emerging opportunities and deliver sustained value to stakeholders.
Malaysian Reserve
30-04-2025
- Business
- Malaysian Reserve
Median wages in formal sector rose 5% from Dec 2023 to Dec 2024
by NURUL NAJMIN ABU BAKAR MEDIAN monthly wages in Malaysia's formal sector rose to RM3,045 in December 2024, up 5% from the same month last year. According to the Department of Statistics Malaysia (DOSM), the median wage increased from RM2,764 recorded in both October and November 2024, showing continued improvement in the labour market during the final quarter of the year. Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the whole of 2024, the annual median wage grew by 6% compared to 2023, based on data from the Employee Wages Statistics (Formal Sector) Report, Fourth Quarter 2024. 'This increase in median wages shows the labour market is improving along with economic growth,' he said in a statement. The number of citizens working in the formal sector rose 2.3% year-on-year to 6.83 million people in December 2024, with an increase of 156,600 workers. Male employees made up 55.2% of the total or 3.77 million people, with a median wage of RM3,045, while females made up 44.8% or 3.06 million people, earning a median of RM3,000. Compared to December 2023, median wages for male employees grew by 3.4%, while female wages increased by 5.4%. All age groups recorded wage growth, with the highest increase of 8.3% seen in employees aged 65 and above, whose median wage rose to RM2,982. Employees under 20 years old saw their median wage increase for the first time since June 2022, rising by 1.8% to RM1,527, while those aged 45 to 49 earned the highest wage at RM4,082. All sectors saw wage growth in the fourth quarter, with the mining and quarrying sector recording the highest increase of 9.6% to RM7,500, though it made up only 0.6% of workers. The agriculture sector had the lowest median wage at RM2,382 but still posted a 3.6% year-on-year increase. Kuala Lumpur recorded the highest median wage by state at RM4,200, followed by Penang (RM3,382) and Selangor (RM3,300), while Sabah (RM2,000), Perlis (RM1,764) and Kelantan (RM1,664) were the lowest. In December 2024, 29.2% of formal employees earned below RM2,000 a month,a drop of two percentage points from the year before. 'The bottom 10% earned RM1,500 or less, while the top 10% earned at least RM10,800 which showed a gap of more than seven times,' he explained. Mohd Uzir added that DOSM will continue improving wage data by using more administrative sources to give a clearer view of the labour market.
TimesLIVE
29-04-2025
- Automotive
- TimesLIVE
Volvo to cut costs by $1.9bn as earnings drop
Sweden-based Volvo Cars launched cost cuts of 18-billion Swedish crowns ($1.87bn or R34,701,964,000) on Tuesday as its operating profit fell heavily amid difficult market conditions for the automotive industry. Operating profit at the company, majority-owned by China's Geely, was 1.9bn Swedish crowns (R3,661,982,100) for the January-March period against a year earlier 4.7bn crowns (R9,060,580,100). The cost cuts, part of a new "cost and cash action plan", will include layoffs and a larger decrease in investment than earlier expected, the company said, adding it had withdrawn its financial guidance for the next two years. The company's share price fell to record low levels in recent months as it grappled with mounting tariff pressures, the continued slowdown in electric vehicle demand and global uncertainty. In a first sign Volvo was taking steps to address the situation, the carmaker made an unexpected management shake-up this month by axing CEO Jim Rowan and bringing back former CEO Hakan Samuelsson, and weeks later also replacing its CFO. "Given the turbulence in the market, we need to further improve our cash flow generation and lower our costs," Samuelsson said on Tuesday. "While we l have a lot to do, our direction going forward is focused on three areas: profitability, electrification and regionalisation," he said.
Zawya
25-03-2025
- Business
- Zawya
Bahrain: BMMI approves 35% dividend distribution for 2024
Shareholders of BMMI have approved the distribution of dividends (excluding treasury shares) of 35 per cent of the nominal value of the share, which is equivalent to 35 fils per share, amounting to a total of BD4,982,626 for the fiscal year ended December 31, 2024. The announcement follows the annual and extraordinary general assembly meetings held yesterday at the Downtown Rotana, with BMMI's board of directors, senior management, shareholders, members of the business community and local media in attendance. During the annual general meeting (AGM), the minutes of the previous AGM held on March 28, 2024 were approved, and the Board of Directors Report and External Auditors Report for the year ended December 31, 2024 were reviewed. The Board of Directors' Corporate Governance Report was approved, and the Related Parties Transactions were disclosed and approved. The Consolidated Financial Statements for 2024 were also approved. Additionally, the transfer of BD1,491,060 to the retained earnings was approved. During the extraordinary general meeting, the minutes of the previous meeting held on March 30, 2023 were approved. Furthermore, an amendment to Article 5 – Objects of the company in the company's Articles of Association and Memorandum of Association to include 'Sale/Trade of Food and Beverages – Health Food, warehousing and storage and being an authorised distributor, was approved subject to regulatory approvals. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
