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Emirates 24/7
a day ago
- Business
- Emirates 24/7
Dubai Electricity and Water Authority PJSC reports a record AED 14.6 billion in revenue for the first half of 2025
Record H1, 2025 Results AED 14.6 bn AED 7.0 bn AED 3.7 bn AED 2.9 bn AED 9.2 bn +6.9% YoY +5.3% YoY +12.6% YoY +13.2% YoY +61.3% YoY H1, 2025 Revenue H1, 2025 EBITDA H1, 2025 Operating Profit H1, 2025 Profit After Tax H1, 2025 Operating Cash * figures are rounded Record Q2, 2025 Results AED 8.6 bn AED 4.5 bn AED 2.9 bn AED 2.4 bn AED 5.3 bn +9.8% YoY +11.9% YoY +24.8% YoY +25.8% YoY +120.1% YoY Q2, 2025 Revenue Q2, 2025 EBITDA Q2, 2025 Operating Profit Q2, 2025 Profit After Tax Q2, 2025 Operating Cash * figures are rounded Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai's exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its first half 2025 consolidated financial results, recording first half revenue of AED 14.6 billion, EBITDA of AED 7.0 billion, operating profit of AED 3.7 billion, net profit of AED 2.9 billion and cash from operations of AED 9.2 billion. Quote 'DEWA is committed to be an innovative and sustainable corporation inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and Chairman of The Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. Under their guidance, we are progressing in our journey towards Net Zero Carbon by 2050 and will continue to play a decisive role in Dubai's rapid progress,' said HE Saeed Mohammed Al Tayer, Vice Chairman and MD & CEO of DEWA. 'We are proud to report DEWA's strongest-ever financial results for both the 2nd quarter and first half of 2025 - a reflection of disciplined execution, growing demand, and our commitment to operational excellence. In H1 2025, we achieved AED 14.6 billion in revenue, AED 7.0 billion in EBITDA, and AED 2.9 billion in net profit - marking growth of 6.9%, 5.3%, and 13.2% respectively. Operating cash flow reached a record AED 9.2 billion, up 61.3% year-on-year. Also, we approved a dividend of AED 3.1 billion for H1, 2025, which is payable in October, 2025. To date we have invested over AED 230 billion in state-of-the-art infrastructure. Our results demonstrate the resilience of our model and the ability to generate strong returns while advancing Dubai's sustainable development. Looking ahead, we expect consistent value creation for our stakeholders, supported by Dubai's economic growth, our robust business model and our sector leading operational benchmarks that are acknowledged to be No 1 globally.' added Al Tayer. Financial performance summary DEWA delivered a record financial and operational performance for the six months ended 30 June 2025. Revenue rose by 6.9% year-on-year to AED 14.6 billion, driven by continued growth in electricity and water demand, as well as steady expansion in district cooling through Empower. EBITDA increased by 5.3% to AED 7.0 billion, supported by improved operating efficiencies and effective cost control across core segments, highlighting the Group's strong underlying profitability. Net profit for the period grew 13.2% to AED 2.90 billion, reflecting higher operating income, and decline in net finance costs by 15.45% compared to the same period in the previous year. Capital expenditure during the period totalled AED 4.6 billion, covering investment in generation capacity, transmission networks and district cooling infrastructure. DEWA expects stronger revenue and profit contribution in the second half of the year, considering the seasonal pattern of our business. The Group remains focused on delivering long-term growth through strategic investments in clean energy, digital infrastructure, and water desalination, in alignment with Dubai's Green Economy vision. DEWA continues to demonstrate financial resilience, operational excellence, and consistent value creation for its stakeholders. Operating performance summary In the second quarter of 2025, DEWA's total energy generation Including Energy import from IPPs soared to a high of 16.9 TWh marking a 10.88% increase from the 15.3 TWh recorded during the second quarter of 2024. Notably, DEWA generated 3.3 TWh of clean energy during the quarter. This clean energy accounted for 19.46% of the total energy generated in Q2, 2025. DEWA is committed to using clean energy to maintain a sustainable generation mix to meet the consistently growing demand. In addition, DEWA delivered 2.18 TWh from Hassyan power plant and 11.46 TWh from its remaining generation portfolio during the second quarter of 2025. DEWA experienced a 2.95% increase in its quarterly peak power demand compared to Q2, 2024, reaching 10.545 GW. The quarterly gross heat rate of 7,693 BTU/kWh achieved, represents a stellar 7.01% improvement over the same period from the previous year. Collectively, these achievements highlight the company's unwavering commitment to delivering operational excellence while facing very strong top line demand. DEWA's total desalinated water production in the second quarter of 2025 grew by 9.55% compared to the previous year, reaching a record of 40.78 billion Imperial Gallons (BIG). The peak daily desalinated water demand reached 475 MIG which is a 5.87% increase over the same period of the previous year. At the end of the second quarter of 2025, DEWA served 1,292,487 customer accounts, representing a 4.81% increase in customer accounts from the same period in the last year. Select quarterly highlights In the second quarter of 2025, DEWA commissioned two 132 kV substations, and four hundred and eighty three 11kV substations. By the end of the first half of 2025, the company's system installed generation capacity reached 17.979 GW with 3.860 GW of this capacity representing renewable energy. The company's installed desalinated water production capacity was 495 MIGD. DEWA Total Installed Capacity as of June 30th, 2025 Generation Plant Capacity (MW) Desalination Type MIGD Jebel Ali & Al Aweer 11,519 Jebel Ali Multi-stage Flash 427 Mohammed bin Rashid Al Maktoum Solar Park 3,860 Jebel Ali Reverse Osmosis 63 Hassyan Power Plant 2,400 Palm Jumeirah Sea Water Reverse Osmosis 5 Warsan Waste Management Center 200 Total 17,979 Total 495 By the end of 2030, DEWA plans to have total installed power generation capacity of 22 GW and 735 MIGD of desalinated water. Of this 22 GW, around 7.5 GW will be from renewable sources, representing 34% and out of 735 MIGD water production capacity, 308 MIGD will be using reverse osmosis technology utilizing renewable energy. Corporate Actions: Dividends & Dividend policy As per DEWA's dividend policy, the Company expects to pay a minimum annual dividend of AED 6.2 billion in the first five years starting October 2022. The dividends are paid semi-annually in April and October. On 10th April 2025, DEWA distributed AED 3.1 billion as dividend for H2, 2024 to its shareholders, based on a record date of 3rd April 2025. For H1, 2025, DEWA has sought and received approvals to distribute AED 3.1 billion to its shareholders based on a record date of 17th October, 2025. Audited Financials DEWA's audited financials can be found at DEWA's website: or on DFM's website Contacts About Dubai Electricity and Water Authority PJSC DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA is the exclusive electricity and water utility provider in Dubai. DEWA was listed on the Dubai Financial Market in April 2022. DEWA's attractive business profile, as viewed by investors, has led to the historic success of this public listing that attracted US$ 85 billion demand and 37 times oversubscription. The Group generates, transmits and distributes electricity and potable water to end users throughout Dubai. DEWA owns 56% of Empower, currently the world's largest district cooling services provider by connected capacity, and owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai. The Group also comprises several other businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient solutions. To learn more, visit Cautionary statements relevant to forward-looking information This news release contains forward-looking statements relating to DEWA's operations that are based on management's current expectations, estimates and projections about the energy industry and other relevant industries that DEWA operates in. Words or phrases such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'targets,' 'forecasts,' 'projects,' 'believes,' 'seeks,' 'schedules,' 'estimates,' 'positions,' 'pursues,' 'may,' 'could,' 'should,' 'will,' 'budgets,' 'outlook,' 'trends,' 'guidance,' 'focus,' 'on schedule,' 'on track,' 'is slated,' 'goals,' 'objectives,' 'strategies,' 'opportunities,' and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, DEWA undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Reuters
3 days ago
- Business
- Reuters
India's LIC posts quarterly profit rise as higher premiums help
BENGALURU, Aug 7 (Reuters) - Life Insurance Corporation of India ( opens new tab reported a 5% rise in first-quarter profit on Thursday, helped by higher premium from renewed policies. Profit after tax for the country's biggest insurer rose to 109.87 billion rupees ($1.26 billion) for the quarter ended June 30 from 104.61 billion rupees a year earlier. ($1 = 87.5240 Indian rupees)
Yahoo
3 days ago
- Business
- Yahoo
Super Group Reports Financial Results for Second Quarter of 2025
Revenue of $579.4 million for the second quarter of 2025 representing the highest revenue recorded in a quarter Profit before tax of $38.8 million for the second quarter of 2025 Non-GAAP Adjusted EBITDA ex-US of $162.0 million and a loss of $5.4 million from the U.S. amounted to Adjusted EBITDA of $156.7 million, representing the highest Adjusted EBITDA recorded in a quarter Raising full-year Adjusted EBITDA guidance - Group: $470-$480 million; Ex-U.S.: $500-$510 million Unrestricted cash of $393.0 million as of June 30, 2025 NEW YORK, August 06, 2025--(BUSINESS WIRE)--Super Group (SGHC) Limited (NYSE: SGHC) ("SGHC", the "Company" or "Super Group"), the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced its second quarter 2025 unaudited consolidated financial results. Neal Menashe, Chief Executive Officer of Super Group, commented: "We had a Super first half of 2025, driven by a record-breaking second quarter. The quarter's success was fueled by strong execution across our key markets, a full calendar of global sporting events, increased deposits, high customer retention, and margin expansion. While our decision to exit the U.S. was difficult, we believe that this step demonstrates our commitment to capital efficiency and long-term profitability. With continued focus on scaling our technology globally, Super Group should be even better positioned for sustained, profitable growth." Alinda van Wyk, Chief Financial Officer of Super Group, stated: "Q2 marked the strongest quarterly financial performance in Super Group's history, with revenue up 30% year-over-year and Adjusted EBITDA up 78% year-over-year to $157 million, delivering a healthy 27% margin. These results underscore our scalable, cost-efficient operating model and controlled marketing spend. We ended the quarter with $393 million in unrestricted cash and zero debt, and returned $20 million to shareholders, bringing our 12-month capital returns to $166 million. Driven by our continued focus on core markets, we are raising our full-year Adjusted EBITDA guidance and remain confident in delivering long-term value to our shareholders." Financial Highlights: Revenue increased by 30% to $579.4 million for the second quarter of 2025 from $446.5 million in the same period of the prior year, driven by growth from the Africa, Europe and North America markets partially offset by declines from the LATAM, Middle East and Asia-Pacific markets. Profit before tax was $38.8 million for the second quarter of 2025 and includes a non-cash charge of $63.9 million related to the impairment of Digital Gaming Corporation Limited ("DGC")' iGaming related assets and $22.6 million relating to onerous contracts. By comparison, profit before tax for the second quarter of 2024 was $22.1 million and included a non-cash charge of $39.6 million related to the impairment of DGC's sportsbook assets. Adjusted EBITDA, a non-GAAP financial measure, increased by 78% to $156.7 million for the second quarter of 2025 compared to $88.2 million in the second quarter of 2024. Monthly Active Customers increased by 21% to 5.5 million for the second quarter of 2025 compared to 4.5 million in the second quarter of 2024. Balance Sheet: Total Assets: $1.1 billion; Total Liabilities: $454.4 million; Total Equity: $662.3 million. Cash and cash equivalents was $393.0 million as of June 30, 2025 compared to $388.0 million at December 31, 2024. Dividends of $20.2 million was paid during the quarter, bringing the 12-month capital returns to $166 million. Guidance 2025 Super Group is raising its full-year Group Adjusted EBITDA guidance to $470-$480 million. Ex-U.S. Adjusted EBITDA is now expected to be between $500-$510 million, up from greater than $480 million compared to prior guidance. U.S. Adjusted EBITDA is expected to be a loss of $30 million, excluding one-off cost of U.S. exit. Interim Financial Statements: The Group intends to publish a condensed set of interim accounts for the six months ended June 30, 2025 and comparative period by the end of August 2025, which will include a condensed Statement of Profit or Loss and Other Comprehensive Income, condensed statement of Financial Position, condensed Statement of Changes in Equity, condensed Statement of Cash Flows and relevant notes. Revenue by Geographical Region for the Three Months Ended June 30, 2025 in $ millions: Betway Spin Total Africa and Middle East 225 4 229 Asia-Pacific 9 28 37 Europe 81 28 109 North America 37 162 199 South/Latin America 3 2 5 Total revenue 355 224 579 % % % Africa and Middle East 63 % 2 % 40 % Asia-Pacific 3 % 13 % 6 % Europe 23 % 12 % 19 % North America 10 % 72 % 34 % South/Latin America 1 % 1 % 1 % Revenue by Geographical Region for the Three Months Ended June 30, 2024 in $ millions*: Betway Spin Total Africa and Middle East 164 1 165 Asia-Pacific 7 33 40 Europe 49 23 72 North America 41 120 161 South/Latin America 4 5 9 Total revenue 265 182 447 % % % Africa and Middle East 62 % 1 % 37 % Asia-Pacific 3 % 18 % 9 % Europe 18 % 13 % 16 % North America 15 % 65 % 36 % South/Latin America 2 % 3 % 2 % * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Revenue by Geographical Region for the Six Months Ended June 30, 2025 in $ millions: Betway Spin Total Africa and Middle East 426 6 432 Asia-Pacific 14 56 70 Europe 151 53 204 North America 76 304 380 South/Latin America 6 4 10 Total revenue 673 423 1,096 % % % Africa and Middle East 63 % 1 % 39 % Asia-Pacific 3 % 13 % 6 % Europe 22 % 13 % 19 % North America 11 % 72 % 35 % South/Latin America 1 % 1 % 1 % Revenue by Geographical Region for the Six Months Ended June 30, 2024 in $ millions: Betway Spin Total Africa and Middle East 316 1 317 Asia-Pacific 16 62 78 Europe 90 43 133 North America 76 238 314 South/Latin America 8 8 16 Total revenue 506 352 858 % % % Africa and Middle East 62 % 0 % 37 % Asia-Pacific 3 % 18 % 9 % Europe 18 % 12 % 15 % North America 15 % 68 % 37 % South/Latin America 2 % 2 % 2 % Revenue by product line for the Three Months Ended June 30, 2025 in $ millions: Betway Spin Total Online casino1 230 224 454 Sports betting1 116 — 116 Brand licensing2 8 — 8 Other3 1 — 1 Total revenue 355 224 579 Revenue by product line for the Three Months Ended June 30, 2024 in $ millions: Betway Spin Total Online casino1 166 182 348 Sports betting1 91 — 91 Brand licensing2 6 — 6 Other3 2 — 2 Total revenue 265 182 447 Revenue by product line for the Six Months Ended June 30, 2025 in $ millions: Betway Spin Total Online casino1 436 423 859 Sports betting1 222 — 222 Brand licensing2 12 — 12 Other3 3 — 3 Total revenue 673 423 1,096 Revenue by product line for the Six Months Ended June 30, 2024 in $ millions *: Betway Spin Total Online casino1 318 351 669 Sports betting1 170 — 170 Brand licensing2 12 — 12 Other3 6 1 7 Total revenue 506 352 858 1 Sports betting and online casino revenues are not within the scope of IFRS 15 'Revenue from Contracts with Customers' and are treated as derivatives under IFRS 9 'Financial Instruments'. 2 Brand licensing revenues are within the scope of IFRS 15 'Revenue from Contracts with Customers'. 3 Other relates to profit share, royalties and outsource fees from external customers. * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Non-GAAP Financial Information This press release includes non-GAAP financial information not presented in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. EBITDA, Adjusted EBITDA, Adjusted EBITDA ex-US, Adjusted EBITDA US are non-GAAP company-specific performance measures that Super Group ("the Group") uses to supplement the Company's results presented in accordance with IFRS. EBITDA is defined as profit before depreciation, amortization, finance income, finance expense and income tax expense. Adjusted EBITDA is EBITDA adjusted for RSU expense, change in fair value of options, unrealized foreign exchange, gain on disposal of business and other adjustments. Adjusted EBITDA ex-US is Adjusted EBITDA relating to the rest of the Group, excluding Digital Gaming Corporation ("DGC"). Adjusted EBITDA US is Adjusted EBITDA relating to DGC. Super Group believes that these non-GAAP measures are useful in evaluating the Company's operating performance as they provide additional perspective on the financial performance of our core business, are similar to measures reported by the Company's public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by IFRS to be recorded in Super Group's financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with IFRS results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results. Reconciliation tables of the most comparable IFRS financial measure to the non-GAAP financial measures used in this press release, and supplemental materials are included below. Super Group urges investors to review the reconciliation and not to rely on any single financial measure to evaluate its business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs. Reconciliation of Profit for the period to EBITDA and Adjusted EBITDA for the Three Months Ended June 30: Three Months Ended June 30 Six Months Ended June 30 2025 $m 2024 * $m 2025 $m 2024 * $m Profit before taxation 39 22 127 75 Finance income (3 ) (3 ) (5 ) (6 ) Finance expense 2 1 4 3 Depreciation and amortization expense 19 23 37 45 EBITDA 57 43 163 117 Change in fair value of options — — — 14 RSU expense 3 3 9 7 Unrealized foreign exchange 4 2 2 5 Impairment of assets 66 40 66 40 US iGaming closure 23 — 23 — Market closure — — — — Gain on disposal of business — — — (44 ) Other adjustments1 4 — 5 — Adjusted EBITDA 157 88 268 139 Adjusted EBITDA, ex-US 162 106 283 181 Adjusted EBITDA, US (5 ) (18 ) (15 ) (42 ) 1 Other adjustments in 2025 mainly relates to Sportsbook acquisition related costs. * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Webcast Details The Company will host a webcast at 7:45 a.m. ET tomorrow to discuss the second quarter 2025 financial results. Participants may access the live webcast and supplemental earnings presentation on the events & presentations page of the Super Group Investor Relations website at: About Super Group (SGHC) Limited Super Group (SGHC) Limited is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering. The Group is listed on the New York Stock Exchange (NYSE ticker: SGHC) and is licensed in multiple jurisdictions, with leading positions in key markets throughout Europe, the Americas and Africa. The Group's sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets. Its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and personalized customer experience. Super Group has been ranked number 6 in the EGR Power 50 for the last three years. For more information, visit Forward-Looking Statements Certain statements made in this press release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, Super Group's intention to pay a dividend, including the expected timing of such dividend, expectations and projections of market opportunity, growth and profitability. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "pipeline," "possible," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities; (ii) changes in the competitive and regulated industries in which Super Group operates; (iii) variations in operating performance across competitors; (iv) changes in laws and regulations affecting Super Group's business; (v) Super Group's inability to meet or exceed its financial projections; (vi) changes in general economic conditions; (vii) changes in domestic and foreign business, market, financial, political and legal conditions, including abrupt or unexpected changes in interest rates or increases in inflation or inflationary expectations and reductions in discretionary consumer spending; (viii) the ability of Super Group's customers to deposit funds in order to participate in Super Group's gaming products; (ix) Super Group's ability, and the ability of Super Group's key executives, certain employees, significant shareholders or other applicable individuals, to comply with regulatory requirements or successfully obtain a license or permit required in a particular regulated jurisdiction, or maintain, renew or expand existing licenses; (x) the effectiveness of technological solutions Super Group has in place to block customers in certain jurisdictions, including jurisdictions where Super Group's business is illegal, or which are sanctioned by countries in which Super Group operates from accessing its offerings; (xi) Super Group's ability to restrict and manage betting limits at the individual customer level based on individual customer profiles and risk level to the enterprise; (xii) Super Group's ability to protect or enforce its intellectual property rights, the confidentiality of its trade secrets and confidential information, or the costs involved in protecting or enforcing Super Group's intellectual property rights and confidential information, and Super Group's ability to obtain new licenses and maintain, renew or expand existing licenses to use the intellectual property of third parties; (xiii) compliance with applicable data protection and privacy laws in Super Group's collection, storage and use, including sharing and international transfers, of personal data; (xiv) failures, errors, defects or disruptions in Super Group's information technology and other systems and platforms; (xv) Super Group's ability to develop new products, services, and solutions, bring them to market in a timely manner, and make enhancements to its platform; (xvi) Super Group's ability to maintain and grow its market share, including its ability to enter new markets and acquire and retain paying customers; (xvii) the success, including win or hold rates, of existing and future online betting and gaming products; (xiii) competition within the broader entertainment industry; (xix) Super Group's reliance on strategic relationships with land based casinos, sports teams, event planners, local licensing partners and advertisers; (xx) events or media coverage relating to, or the popularity of, online betting and gaming industry; (xxi) trading, liability management and pricing risk related to Super Group's participation in the sports betting and gaming industry; (xxii) accessibility to the services of banks, credit card issuers and payment processing services providers due to the nature of Super Group's business; (xxiii) the regulatory approvals related to proposed acquisitions and the integration of the acquired businesses; and (xxiv) other risks and uncertainties indicated from time to time for Super Group including those under the heading "Risk Factors" in our Annual Report on Form 20-F filed with the SEC on April 3, 2025, and in Super Group's other filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed or that may be filed by Super Group from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Super Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Super Group does not give any assurance, representation or warranty that it will achieve its expectations in any specified time frame or at all. 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France 24
5 days ago
- Business
- France 24
Oil giant BP returns to profit in second quarter
Profit after tax came in at $1.63 billion in the April-June period, compared with a net loss of $129 million in the second quarter of 2024, BP said in an earnings statement. Stripping out exceptional items, underlying net profit was down nearly 15 percent. "This has been another strong quarter for BP operationally and strategically," chief executive Murray Auchincloss said in the earnings statement. BP on Monday said it made its biggest oil and gas discovery in 25 years off the coast of Brazil. In February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy investment. However, energy prices have come under pressure in recent months on concerns that US President Donald Trump's tariffs will hurt economic growth, while OPEC+ nations have produced more oil. BP managed to post a profit for the second quarter thanks to impairments which were lower than one year earlier, along with a revaluation of assets -- notably in relation to liquefied natural gas (LNG) -- and divestments. Sector woes By contrast, French rival TotalEnergies and US groups ExxonMobil and Chevron posted heavy falls to their net profit in the second quarter. British rival Shell posted a slight increase to its profit after tax for the latest reporting period. Shares in BP gained 1.7 percent in early London deals following its update. Auchincloss added that the company was launching "a further cost review and, whilst we will not compromise on safety, we are doing this with a view to being best in class in our industry". BP already announced plans this year to cut cleaner energy investment by more than $5 billion annually and offload assets worth a total of $20 billion by 2027. It recently agreed to sell its onshore wind energy business in the United States, while Shell has also scaled back its climate objectives. BP last month named Albert Manifold as its new chairman, replacing Helge Lund, whose departure was announced amid the strategy reset. The group's net profit plunged 70 percent in its first quarter, hit by weaker oil prices.
France 24
01-08-2025
- Business
- France 24
British Airways owner sees profit jump on 'strong' demand
Profit after tax came in at 1.3 billion euros ($1.5 billion) compared with 905 million euros in the first half of 2024, IAG said in a statement. Group revenue increased eight percent to 15.9 billion euros in the January-June period year-on-year, "reflecting strong demand for our network and brands", it added. The company, which in May announced a multi-billion-dollar order for Boeing and Airbus planes, owns also Spanish carrier Vueling and Irish airline Aer Lingus. "Our strong performance in the first half of 2025 reflects the resilience of demand for travel," IAG chief executive Luis Gallego said in Friday's statement. "We continue to benefit from the trend of a structural shift in consumer spending towards travel," he added. IAG expressed confidence "in delivering good earnings growth" for the full year, "whilst being mindful of the ongoing uncertainty that may result from the geopolitical and macroeconomic backdrop".
