Latest news with #Group
Qatar Tribune
3 hours ago
- Business
- Qatar Tribune
Commercial Bank reports QR1.26 bn net profit for H1 amid strategic growth, global tax impact
Tribune News Network Doha The Commercial Bank, its subsidiaries and associates (Group), on Wednesday announced a net profit of QR1,261.4 million for the first half of 2025, reflecting its continued resilience and commitment to long-term value creation, despite new global tax regulations and marketvolatility. The Group reported a net profit before the application of the new BEPS Pillar Two tax at QR1,374.2 million for the six months ended 30 June 2025, down 12.5 percent from QR1,571 million during the same period in 2024. The decline was primarily attributed to increased losses from its Turkish subsidiary, Alternatif Bank, which widened by QR104.2 million, and changes related to long-term incentive schemes (LTIS), amounting to QR35.9 million. Adjusting for LTIS, the normalised net profit before tax stood at QR1,410.1 million. With the implementation of the 15 percent global minimum top-up tax under the OECD's Base Erosion and Profit Shifting (BEPS) Pillar Two framework, the Group incurred a tax charge of QR112.9 million. Consequently, the net profit after tax declined to QR1,261.4 million in H1 2025, compared to QR1,571 million in H1 2024. Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani said the bank had made significant progress on its five-year strategic plan (2022–2026), especially in digital innovation, client experience, and operational efficiency. 'As we approach the final stretch of our strategy, our focus remains on disciplined execution, delivering sustainable value, and aligning with Qatar National Vision 2030,' he said. Vice Chairman and Managing Director Omar Hussain Alfardan highlighted the reaffirmation of the bank's credit ratings and a share buyback plan as testaments to investor confidence and the bank's robust fundamentals. 'The Board approved a share buyback plan of up to 10 percent of issued shares in May 2025, subject to regulatory approval. This aligns with our strategic goal of enhancing shareholder value and capital efficiency,' he said. In June, the bank successfully issued a QR500 million senior unsecured bond under its EMTN programme, further diversifying its funding base. The period also saw the launch of a new corporate mobile banking app, which earned the 'Best Mobile Banking App – Qatar 2025' award from International Finance. Commercial Bank Group CEO Joseph Abraham said the bank's performance in H1 2025 was driven by a strategic focus on diversified income sources, with total assets growing 13.2 percent year-on-year to QR182.1 billion. 'Our non-interest income grew 1.9 percent year-on-year, led by higher fee and commission-based income across transaction banking, cards, wealth management, and investments,' Abraham said. Loans and advances to customers rose by 12.7 percent to QR103.8 billion, supported by growth in the corporate, government, and retail sectors. Investment securities increased by 26 percent to QR35.8 billion, with the bank locking in yields through high-quality investments. Customer deposits reached QR83.5 billion, with low-cost deposits growing 10.2 percent and now constituting 42.1 percent of the deposit mix. Debt securities increased to QR11.4 billion, underscoring efforts to diversify funding. Net provisions declined by 30.8 percent to QR244.1 million, reflecting recoveries and reversals. The ratio of non-performing loans to gross loans improved to 5.5 percent from 5.9 percent a year earlier, while the loan coverage ratio stood at a healthy 87.9 percent. Alternatif Bank, the Group's Turkish subsidiary, reported a loss of QR107.1 million, driven by hyperinflationary accounting and market volatility. Despite higher costs from digital innovation and operations in Turkey, the Group maintained a strong capital base. The Common Equity Tier 1 (CET1) ratio was 12.5 percent, while the Capital Adequacy Ratio (CAR) stood at 17.2 percent — both well above Qatar Central Bank and Basel III requirements. From January 1, 2025, the Group began accruing the BEPS Pillar Two tax as per the OECD's Global Anti-Base Erosion (GloBE) rules, which seek to ensure that multinational enterprises are taxed at a minimum effective rate of 15 percent across all jurisdictions. The tax led to an incremental cost of QR112.9 million in the first half of the year. In a move to enhance shareholder returns, the Group's board has approved a share buyback programme of up to 10 percent of fully paid-up issued shares. The programme awaits regulatory approval from Qatar Central Bank (QCB) and Qatar Financial Markets Authority (QFMA). Looking ahead, Abraham said the bank remains committed to executing its strategic priorities while continuing to support Qatar's sustainable development goals. 'We are well positioned to adapt, innovate, and grow in a dynamic environment. Our performance in H1 2025 reflects strong fundamentals, prudent capital management, and a clear roadmap for long-term value creation,' heconcluded.
India Today
10 hours ago
- Science
- India Today
Shubhanshu Shukla's emotional reunion with family after space mission. See pics
The first images of Indian astronaut Group Captain Shubhanshu Shukla reuniting with his family after his 18-day journey aboard the International Space Station (ISS) have captured the nation's heart, offering a glimpse into a moment filled with pride, relief, and deep from a successful splashdown in the Pacific Ocean, Shukla—now the first Indian to visit the ISS and only the second Indian in space after Rakesh Sharma—was greeted by his family at a designated facility in Houston, where initial medical checks were conducted before the reunion. advertisementShukla's mother, Kamna, embraced him tightly, tears streaming down her face as she met him on the tarmac in the US. View this post on Instagram A post shared by Shubhanshu Shukla (@ Shukla hugged his four year old son, who had been in the US with him. This is the first time astronaut met his family in nearly two months. He had been in qurantine for over a month before launch. The initial qurantine began 15 days ahead of launch that kept extending.- Ends
Associated Press
14 hours ago
- Automotive
- Associated Press
Johnson Electric reports Business and Unaudited Financial Information for the First Quarter of Financial Year 25/26 and Formation of Joint Ventures in the PRC for Humanoid Robotics Business
HONG KONG SAR - Media OutReach Newswire – 16 July 2025 - This news release is made by Johnson Electric Holdings Limited ('Johnson Electric' or the 'Company' and together with its subsidiaries, the 'Group') for the business operations and selected unaudited financial information of the Group for the three months ended 30 June 2025 and the formation of joint ventures in the PRC for humanoid robotics business. Business and Unaudited Financial Information for the First Quarter of Financial Year 25/26 The Group's sales for the three months ended 30 June 2025 were US$915 million compared to US$935 million for the same period in the previous financial year, a decrease of 2%. Exchange rate movements had a favourable impact of US$9 million on the Group's sales during the period. Sales of Automotive Products Group ('APG') APG's sales for the three months ended 30 June 2025 were US$765 million, a decrease of US$23 million or 3% compared to the same period in financial year 24/25. Excluding currency effects, APG's sales decreased by US$30 million or 4%. The division's sales changes by region, excluding currency effects, were as follows: In Asia-Pacific, sales decreased by 9%. Sales of products for closure, thermal management, oil pump and steering applications decreased, partially offset by increased sales of products for braking applications. The decline in sales in the region was primarily driven by significantly reduced demand for non-domestic car brands in China, a category where APG has historically maintained an above-average market share, as well as price adjustments made in response to competitive market conditions. However, accelerating growth in sales to domestic car brands in China partially offset this decline. In Europe, the Middle East and Africa ('EMEA'), sales increased by 2%. Sales of products for braking, oil pump, steering, engine and fuel management applications increased, partially offset by decreased sales of products for closure and vision applications. In the Americas, sales decreased by 4%. Sales of products for braking, oil pump and engine and fuel management applications decreased due to the phasing out of some programs and weak demand from certain customers. This decline was partially offset by increased sales of powder metal components. Sales of Industry Products Group ('IPG') IPG's sales for the three months ended 30 June 2025 were US$150 million, an increase of US$2 million or 2% compared to the same period in the previous financial year. Excluding currency effects, IPG's sales increased by US$1 million or 1%. The overall performance reflects a mixed regional picture, shaped by varying market and customer dynamics. The division's sales changes by region, excluding currency effects, were as follows: In Asia-Pacific, sales decreased by 7%, primarily due to both IPG as well as some of its customers experiencing keen price competition in certain product segments, where the focus of purchasing decisions has shifted towards low cost over product application features and bespoke design. The decline was further exacerbated by certain customers postponing planned program launches. In EMEA, sales increased by 14%, due to the combination of the ramp-up of existing programs and new product launches, as well as replenishment orders from certain customers after their consumption of previous inventory surpluses. In the Americas, sales decreased by 5% mainly due to weak demand from certain customers and some programs reaching end of life. This was partially offset by increase in sales of piezo motors, which benefited from robust demand for medical drug-dosing systems as well as high-precision equipment utilized in semiconductor foundries. Chairman's Comments on Sales Performance and Outlook Commenting on the first quarter's sales performance, Dr. Patrick Wang, Chairman and Chief Executive, said: 'Johnson Electric's sales in the first quarter of the financial year compared to the same period in the prior year reflected the more subdued macroeconomic environment, as well as the impact of declines in the market share of non-domestic automotive OEM customers in China'. Concerning the outlook for the remainder of the financial year 25/26, Dr. Wang said: 'Until a clearer picture of the global tariff landscape emerges, we can expect customers to remain cautious in their purchasing and investment decisions. In the short term, this is likely to be a drag on sales, though we remain encouraged by our pipeline of new product launches and new business developments that should underpin growth in the second half of the financial year'. Formation of Joint Ventures in the PRC for Humanoid Robotics Business The Company today announced that the Group entered into two equity joint venture agreements with Shanghai Mechanical & Electrical Industry Co., Ltd. ('SMEIC') in relation to the formation of two equity joint ventures. The first joint venture will be incorporated in Shanghai which will primarily serve as a sales channel for products manufactured by the second joint venture, as well as support business development, research and development, application engineering, and customer service for humanoid robotic solutions in the People's Republic of China (''PRC''). The second joint venture will be incorporated in Shenzhen which will serve as the engineering design, research and development, and manufacturing base for humanoid robot hardware modules and hardware system integration solutions. Each of the Group and SMEIC will invest RMB75 million in the two joint ventures. SMEIC is a leading PRC-based electromechanical equipment manufacturing company and is listed on the Shanghai Stock Exchange. 'The two joint ventures are structured to complement one another - combining sales, business development and customer application support with product design, engineering, and manufacturing expertise. Together, they will enable the end-to-end delivery of high-performance humanoid robotic core components and subsystems to customers across the PRC.', said, Austin Wang, Executive Vice President. 'The formation of the joint ventures represents a significant milestone in the Group's long-term strategy to expand its presence in the robotics sector.' Cautionary Statement Regarding Forward-Looking Information This news release contains forward-looking statements regarding the financial condition, results of operations, and business plans of Johnson Electric and its Group, including the formation of joint ventures and the Group's outlook for the full year. These statements are based on current expectations, unaudited internal records, and management accounts, which have not been reviewed or audited by the Company's auditors and are subject to risks and uncertainties. Forward-looking statements can be identified by words such as 'outlook', 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', 'projects', and similar expressions. Such statements are subject to known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied in these statements. Shareholders and potential investors are advised to exercise caution when dealing or investing in the shares of the Company. Hashtag: #JohnsonElectric The issuer is solely responsible for the content of this announcement. About Johnson Electric Group The Johnson Electric Group is a global leader in electric motors, actuators, motion subsystems and related electro-mechanical components. It serves a broad range of industries including Automotive, Smart Metering, Medical Devices, Business Equipment, Home Automation, Ventilation, White Goods, Power Tools, and Lawn & Garden Equipment. The Group is headquartered in Hong Kong and employs over 30,000 individuals across more than 20 countries worldwide. Johnson Electric Holdings Limited is listed on The Stock Exchange of Hong Kong Limited (Stock Code: 179). For further information, please visit:
Business Wire
14 hours ago
- Business
- Business Wire
Ermenegildo Zegna Group to Report First Half 2025 Preliminary Revenues on July 30, 2025
MILAN--(BUSINESS WIRE)--Ermenegildo Zegna N.V. (NYSE: ZGN) (the 'Company' and, together with its consolidated subsidiaries, the 'Ermenegildo Zegna Group' or 'the Group') today announced that it will report its preliminary revenues for the first half of 2025 on Wednesday, July 30, 2025, at 6:00 a.m. ET (12:00 p.m. CET). A conference call will follow at 7:30 a.m. ET (1:30 p.m. CET) and will also be accessible through a live webcast. Please refer to the details below. The related press release and presentation will be available on the Investor Relations website within the 'Financial Documents' section ( To participate in the call, please dial: Italy: +39 06 9450 1060 United States: +1 646 233 4753 United Kingdom: +44 20 3936 2999 Access Code: 063684 Webcast link: An online archive of the broadcast will be available on the website shortly after the live call and will be available for twelve months. About Ermenegildo Zegna Group Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE:ZGN) is a global luxury company with a leading position in the high-end menswear business. Through its three complementary brands, the Group reaches a wide range of communities and market segments across the high-end fashion industry, from ZEGNA's timeless luxury to the modern tailoring of Thom Browne, to seductive elegance with TOM FORD FASHION. The Ermenegildo Zegna Group is internationally recognized for its unique Filiera, owned and controlled by the Group, which is made up of the finest Italian textile producers fully integrated with unique luxury manufacturing capabilities, to ensure superior excellence, quality and innovation capacity. The Ermenegildo Zegna Group has more than 7,100 employees and recorded revenues of €1.95 billion in 2024.
The Sun
15 hours ago
- Automotive
- The Sun
Johnson Electric reports Business and Unaudited Financial Information for the First Quarter of Financial Year 25/26 and Formation of Joint Ventures in the PRC for Humanoid Robotics Business
HONG KONG SAR - Media OutReach Newswire – 16 July 2025 - This news release is made by Johnson Electric Holdings Limited ('Johnson Electric' or the 'Company' and together with its subsidiaries, the 'Group') for the business operations and selected unaudited financial information of the Group for the three months ended 30 June 2025 and the formation of joint ventures in the PRC for humanoid robotics business. Business and Unaudited Financial Information for the First Quarter of Financial Year 25/26 The Group's sales for the three months ended 30 June 2025 were US$915 million compared to US$935 million for the same period in the previous financial year, a decrease of 2%. Exchange rate movements had a favourable impact of US$9 million on the Group's sales during the period. Sales of Automotive Products Group ('APG') APG's sales for the three months ended 30 June 2025 were US$765 million, a decrease of US$23 million or 3% compared to the same period in financial year 24/25. Excluding currency effects, APG's sales decreased by US$30 million or 4%. In Asia-Pacific, sales decreased by 9%. Sales of products for closure, thermal management, oil pump and steering applications decreased, partially offset by increased sales of products for braking applications. The decline in sales in the region was primarily driven by significantly reduced demand for non-domestic car brands in China, a category where APG has historically maintained an above-average market share, as well as price adjustments made in response to competitive market conditions. However, accelerating growth in sales to domestic car brands in China partially offset this decline. In Europe, the Middle East and Africa ('EMEA'), sales increased by 2%. Sales of products for braking, oil pump, steering, engine and fuel management applications increased, partially offset by decreased sales of products for closure and vision applications. In the Americas, sales decreased by 4%. Sales of products for braking, oil pump and engine and fuel management applications decreased due to the phasing out of some programs and weak demand from certain customers. This decline was partially offset by increased sales of powder metal components. Sales of Industry Products Group ('IPG') IPG's sales for the three months ended 30 June 2025 were US$150 million, an increase of US$2 million or 2% compared to the same period in the previous financial year. Excluding currency effects, IPG's sales increased by US$1 million or 1%. The overall performance reflects a mixed regional picture, shaped by varying market and customer dynamics. In Asia-Pacific, sales decreased by 7%, primarily due to both IPG as well as some of its customers experiencing keen price competition in certain product segments, where the focus of purchasing decisions has shifted towards low cost over product application features and bespoke design. The decline was further exacerbated by certain customers postponing planned program launches. In EMEA, sales increased by 14%, due to the combination of the ramp-up of existing programs and new product launches, as well as replenishment orders from certain customers after their consumption of previous inventory surpluses. In the Americas, sales decreased by 5% mainly due to weak demand from certain customers and some programs reaching end of life. This was partially offset by increase in sales of piezo motors, which benefited from robust demand for medical drug-dosing systems as well as high-precision equipment utilized in semiconductor foundries. Chairman's Comments on Sales Performance and Outlook Commenting on the first quarter's sales performance, Dr. Patrick Wang, Chairman and Chief Executive, said: 'Johnson Electric's sales in the first quarter of the financial year compared to the same period in the prior year reflected the more subdued macroeconomic environment, as well as the impact of declines in the market share of non-domestic automotive OEM customers in China'. Concerning the outlook for the remainder of the financial year 25/26, Dr. Wang said: 'Until a clearer picture of the global tariff landscape emerges, we can expect customers to remain cautious in their purchasing and investment decisions. In the short term, this is likely to be a drag on sales, though we remain encouraged by our pipeline of new product launches and new business developments that should underpin growth in the second half of the financial year'. Formation of Joint Ventures in the PRC for Humanoid Robotics Business The Company today announced that the Group entered into two equity joint venture agreements with Shanghai Mechanical & Electrical Industry Co., Ltd. ('SMEIC') in relation to the formation of two equity joint ventures. The first joint venture will be incorporated in Shanghai which will primarily serve as a sales channel for products manufactured by the second joint venture, as well as support business development, research and development, application engineering, and customer service for humanoid robotic solutions in the People's Republic of China (''PRC''). The second joint venture will be incorporated in Shenzhen which will serve as the engineering design, research and development, and manufacturing base for humanoid robot hardware modules and hardware system integration solutions. Each of the Group and SMEIC will invest RMB75 million in the two joint ventures. SMEIC is a leading PRC-based electromechanical equipment manufacturing company and is listed on the Shanghai Stock Exchange. 'The two joint ventures are structured to complement one another - combining sales, business development and customer application support with product design, engineering, and manufacturing expertise. Together, they will enable the end-to-end delivery of high-performance humanoid robotic core components and subsystems to customers across the PRC.', said, Austin Wang, Executive Vice President. 'The formation of the joint ventures represents a significant milestone in the Group's long-term strategy to expand its presence in the robotics sector.' Cautionary Statement Regarding Forward-Looking Information This news release contains forward-looking statements regarding the financial condition, results of operations, and business plans of Johnson Electric and its Group, including the formation of joint ventures and the Group's outlook for the full year. These statements are based on current expectations, unaudited internal records, and management accounts, which have not been reviewed or audited by the Company's auditors and are subject to risks and uncertainties. Forward-looking statements can be identified by words such as 'outlook', 'expects', 'anticipates', 'intends', 'plans', 'believes', 'estimates', 'projects', and similar expressions. Such statements are subject to known and unknown risks and uncertainties, and actual results may differ materially from those expressed or implied in these statements. Shareholders and potential investors are advised to exercise caution when dealing or investing in the shares of the Company.
