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Nomura raises top executives' pay to highest in over a decade

Japan Times

23-05-2025

Business
Japan Times

Nomura raises top executives' pay to highest in over a decade

Nomura Holdings has increased pay for its top executives to the highest in more than a decade, as Japan's biggest brokerage posted a record annual profit on the back of the nation's retail investment boom. Compensation paid in the year that ended in March to the company's seven executive officers totaled ¥4.6 billion ($32 million), up 3% from the previous year when there were eight such officers, according to a notice for a planned annual shareholders meeting next month. On average their pay rose 18%. CEO Kentaro Okuda is among the executive officers along with Christopher Willcox, who oversees investment banking and securities trading. The raise came even after some executives, including Okuda, took voluntary pay cuts for a pair of scandals that surfaced in the period. The Tokyo-based firm earned a record ¥340.7 billion profit last fiscal year as the return of inflation to Asia's second-largest economy energized investors. Pretax income at Willcox's wholesale division hit a 15-year high as global securities trading rebounded and cost controls improved. Dealmaking got a boost from Japan's corporate governance overhaul. Cash bonuses for the executive officers rose 88% to ¥2.3 billion, while base salaries grew slightly to ¥607 million. Compensation includes stock awards as well. Nomura is in expansion mode, having recently clinched a deal to buy Macquarie Group's U.S. and European public asset management business. The brokerage is also weighing a return to offering cash prime-brokerage services in the U.S. and Europe — businesses it largely exited four years ago when it lost $2.9 billion tied to the collapse of Archegos Capital Management. Last year's results were blemished by revelations of bond market manipulation and charges of attempted murder against a former employee. CEO Okuda and other executives volunteered to return a portion of their pay for several months following the incidents.

Bloomberg

22-05-2025

Business
Bloomberg

Nomura Raises Top Executives' Pay to Highest in Over a Decade

Nomura Holdings Inc. increased pay for its top executives to the highest in more than a decade, as Japan's biggest brokerage posted a record annual profit on the back of the nation's retail investment boom. Compensation paid in the year ended March to the company's seven executive officers totaled ¥4.6 billion ($32 million), up 3% from the previous year when there were eight such officers, according to a notice for a planned annual shareholders meeting next month. On average their pay rose 18%.

Dubai's Emirates announces record Dh22.7 billion profit

Khaleej Times

21-05-2025

Business
Khaleej Times

Dubai's Emirates announces record Dh22.7 billion profit

Emirates Group announced yet another annual record profit on Thursday. The Dubai-based group revealed that it recorded profit before tax of Dh22.7 billion ($6.2 billion), up 18 per cent from last year. It recorded revenue of Dh145.4 billion ($39.6 billion), up 6 per cent over last year's results, while cash assets stood at Dh53.4 billion ($14.6 billion), up 13 per cent from last year. It also registered the highest-ever EBITDA of Dh42.2 billion ($11.5 billion), up 6 per cent year-on-year. The Group declares a dividend of Dh6 billion ($1.6 billion) to its owner, the Investment Corporation of Dubai (ICD). This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9 per cent tax charge, the Group's profit after tax is Dh20.5 billion ($5.6 billion). "It is no accident that Dubai has produced hugely successful global aviation entities, including Emirates and dnata. Dubai's aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners, and all the people of Dubai,' said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group. "We've kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and customers and work hard to positively impact our communities. We don't cut corners, and we don't take shortcuts that put our future at risk for short-term gains. By building our business models around these principles and Dubai's unique strengths, the Emirates Group has thrived and stayed resilient through geopolitical and socio-economic challenges over the years,' he added. During a press conference during the Arabian Travel Market (ATM) 2025 last month, Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group, told media that 2024-25 will be 'another record year' for Emirates Group. Emirates Group reported its best-ever financial performance with a record profit of Dh18.7 billion last year, up 71 per cent from the previous year. The group revenue increased 15 per cent to a new high of Dh137.3 billion, driven by strong customer demand across its businesses. It ended 2023-24 with the highest-ever cash balance of Dh47.1 billion. 'We are very satisfied when it comes to our cash reserves on the airline side,' he said. He noted that the airline also did very well when it comes to hedging fuel. In 2024-25, Emirates Group invested Dh14 billion ($3.8 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans. Saj Ahmad, chief analyst at London-based StrategicAero Research, said Emirates full year results showcase how well the airline has worked out of the Covid-19 pandemic to restore its place as the world's most profitable airline. "Sitting atop a record cash balance of over $13.5 billion, the airlines success in overhauling its cabin products, expanding its network, deepening its partnership with flydubai and receiving new A350-900s into the fleet has meant that the airline continues to expand and capitalise on its investments across the business," Ahmad told Khaleej Times. Outlook for 2025-26 Sheikh Ahmed said the Emirates will strengthen its network connectivity with the expected delivery of 16 A350s and 4 Boeing 777 freighters in 2025-26, providing much-needed capacity to meet customer demand. 'While some markets are jittery about trade and travel restrictions, volatility is not new in our industry. We simply adapt and navigate around these challenges,' he added. 'Our retrofit programme will continue apace to provide our customers the latest Emirates products and a more consistent experience across our A380, 777 and A350 fleet.' Emirates Group chief elaborated that dnata will open new facilities in Amsterdam, Dubai and Erbil next year, which will significantly expand its cargo handling capacity and capabilities. 'Work is already underway at the new Al Maktoum International airport (DWC) and broader development around Dubai South. Our planning teams are working closely with Dubai airports and other entities to design and deliver the future of aviation and the best possible travel experiences,' he added. Emirates airline revenue Emirates airline's revenue for the financial year increased by 6 per cent to Dh127.9 billion ($34.9 billion). Currency fluctuations and devaluations in some of the airline's major markets negatively impacted the airline's profitability by Dh718 million ($196 million), the group said in a statement on Thursday. Emirates saw a record operating cash flow of Dh40.8 billion in 2024-25, which reflects its strong commercial performance and enables the airline to grow its business going forward. Total operating costs increased by 4 per cent from the last financial year, mainly due to fuel and employee costs, followed by the cost of ownership (depreciation and amortisation). Fuel accounted for 31 per cent of operating costs compared to 34 per cent in 2023-24. The airline's fuel bill decreased slightly to Dh32.6 billion ($8.9 billion) compared to Dh34.2 billion ($9.3 billion) the previous year, as lower average fuel price (down 10%), including hedging gains, offset a higher uplift of 5% from increased flying. Emirates airline hit a new record profit after tax of Dh19.1 billion, outstripping last year's Dh17.2 billion ($4.7 billion). This is the best performance in the airline's history, and in the airline industry for the reporting year 2024-25. Emirates carried 53.7 million passengers, up 3 per cent, in 2024-25, with seat capacity up by 4 per cent. By 31 March, Emirates served 148 cities in 80 countries and territories. Emirates also grew its partnerships to 33 codeshares and 118 interline partners, providing customers smooth access to over 1,750 cities beyond its network. The world's largest international carrier said that with ongoing delays in new aircraft deliveries, Emirates added 99 more aircraft to its retrofit programme, which will now see 219 aircraft go through a full cabin refresh at a total investment of $5 billion. At 31 March, Emirates' order book had 314 aircraft pending delivery, including 61 A350s, 205 Boeing 777x, 35 787s, and 13 777Fs. At the end of March, the total fleet count was 260 units, with an average fleet age of 10.7 years. Dnata increased its profit before tax by 2 per cent to Dh1.6 billion in 2024-25, with all business divisions reporting a solid performance, and notable contributions from its airport operations and catering and retail divisions. Dnata's total revenue increased by 10 per cent to hit a new record of Dh21.1 billion, driven by increased flight and travel activity worldwide, particularly in its major markets: Australia, Europe, the UAE, the UK, and the US.

MUFG expects record profit and joins rivals in buying back shares

Japan Times

15-05-2025

Business
Japan Times

MUFG expects record profit and joins rivals in buying back shares

Mitsubishi UFJ Financial Group said it expects another year of record profit even as U.S. tariff measures cloud the outlook for Japan's biggest banks. Net income is likely to reach ¥2 trillion ($13.7 billion) for the 12 months ending March, up 7.5% from ¥1.86 trillion in the previous fiscal year, the company said on Thursday. The projection compares with the ¥2.04 trillion average of 13 analyst estimates compiled by Bloomberg. MUFG joins its domestic rivals in anticipating further earnings growth while also flagging risks stemming from global trade ructions. The lenders have been raking in record profits thanks to long-awaited interest-rate increases by the Bank of Japan, along with gains from sales of shares held in client companies. Tokyo-based MUFG said it plans to buy back as much as 1.5% of its shares for up to ¥250 billion. Sumitomo Mitsui Financial Group and Mizuho Financial Group also unveiled share repurchase programs earlier. Earlier Thursday, Mizuho said it expects profit will climb 6.1% to ¥940 billion this fiscal year. Sumitomo Mitsui anticipates net income to rise about 10% to ¥1.3 trillion, it said Wednesday.

Japan's MUFG posts record annual profit despite 41% slump in Q4

CNA