Latest news with #Ramadan-related
The Star
4 days ago
- Business
- The Star
Eco-Shop expected to weather cost pressures
PETALING JAYA: Retailer Eco-Shop Marketing Bhd is set for a solid performance for its financial year ending May 31, 2026 (FY26), analysts say. This will be supported by its three-year compound annual growth rate (CAGR) in profit of 17.7% as well as its defensive positioning amid multiple emerging headwinds, said UOB Kay Hian Research (UOBKH Research). In a report on the retailer, the research house said Eco-Shop's profitability outlook remains intact despite cost pressures from the higher minimum wage, Employees Provident Fund (EPF) contributions for foreign workers, electricity tariffs and an expanded 8% sales and service tax on commercial rents. 'While most of these individual increases are not material to Eco-Shop's earnings, the combined impact is estimated at RM40mil annually, or about 7.6% of FY26's earnings before interest, tax, depreciation and amortisation,' the research house stated. UOBKH Research said that in order for the group to mitigate the impact of costs, it had raised its fixed pricing from RM2.40 to RM2.60 in April. This effort mirrors its 2022 strategy, when a similar adjustment led to a short-term drop in foot traffic before recovering within two months. UOBKH Research expects a similar trend to play out with the company's same-store sales growth (SSSG) rebounding into double digits in FY26. This will be supported by a planned store revamp. While the fourth quarter of FY25 (4Q25) may record flattish SSSG and sequentially softer earnings to RM62.3mil due to the immediate impact of the price change and Ramadan-related seasonality, full-year earnings are expected to meet projections. Additionally, the research house stated that the group's aggressive store expansion further supports growth. The group had exceeded its target with over 80 new stores opened in FY25. 'The abundance of premises and its growth off a low base have firmly positioned Eco-Shop to achieve its target of 70 new stores annually over the medium term. We also gather that it has already largely secured its sites for FY26,' it added. UOBKH Research made no changes to its earnings estimates on Eco-Shop and maintained a 'buy' call on the retailer with a target price of RM1.45 a share. 'Despite multiple headwinds, we expect Eco-Shop's earnings outlook to remain firmly intact,' it stated, adding that the projected three-year CAGR of 17.7% from FY24 to FY27 is nearly double than that of its peers 99 Speed Mart Retail Holdings Bhd and MR DIY Group (M) Bhd . The research house also said it valued Eco-Shop at 34.5 times FY26 earnings, placing it between 99 Speedmart and MR DIY in terms of growth and valuation appeal.
Express Tribune
14-04-2025
- Business
- Express Tribune
All-time high
For the dollar-starved Pakistan, that's real good news. The total amount of remittances received in the country - year on year, month on month, and accumulatively - has seen a significant rise. Pakistan fetched $4.1 billion in March 2025 - the highest-ever received in a single month. For comparison, the amount remitted in the previous month (February 2024) was $3.12 billion, and in the same period last year (March 2024) was $2.95 billion. Moreover, the figure for the first three quarters of this fiscal (i.e. the July-March period) has soared to $28.07 billion as against $21.0 billion in the same period of the previous fiscal year - showing a remarkable 33 per cent rise. From $27.3 billion in FY23 to $30.3 billion in FY24, the volume of remittances continue to witness a consistent rise, and is projected to inflate to $38 billion by the end of the ongoing fiscal year. This potential rise of something like $8 billion for the full fiscal years means a lot for a country that has had to accept intolerable IMF conditions for a bailout deal worth just about 6 to 7 billion dollars. The SBP chief sees seasonal factors, such as Ramadan-related transfers, behind the rise in expat dollars in the previous month. However, a feel good environment - fostered by a stable exchange rate, a notable drop in inflation and SIFC-related activity - cannot be discounted as having encouraged the inflows. It's about time the policymakers capitalised on the momentum by announcing steps to incentivise inflows from abroad. And with the first-ever, three-day Overseas Pakistanis Convention currently underway in Islamabad, there could be no better time for the government to announce special expats-centric investment programmes as well as other incentives.
Express Tribune
14-04-2025
- Business
- Express Tribune
Remittances hit all-time high in March: SBP
Listen to article Pakistan received a record $4.1 billion in remittances in March 2025, the highest monthly inflow on record, State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday. Addressing an event at the Pakistan Stock Exchange (PSX), Ahmad confirmed that the surge in inflows provided crucial support to the economy, foreign exchange reserves, and liquidity for importers. This marks the first time that remittances have crossed the $4-billion threshold in a single month. The inflow represents a 37% increase year-on-year compared to $2.95 billion in March 2024. Month-on-month, remittances rose by nearly 30%, up from $3.12 billion in February 2025. Between July 2024 and March 2025, Pakistan received $28 billion in workers' remittances, reflecting a 33.2% increase from the $21.04 billion recorded in the same period of the previous fiscal year. SBP governor projected that foreign exchange reserves would exceed $14 billion by June. He added that while foreign debt obligations for FY25 stand at $26 billion, the government expects $16 billion to be rolled over or refinanced, reducing net repayment pressure to around $10 billion. The SBP governer further noted early signs of economic recovery, but said overall GDP growth for FY25 was now expected to be around 3%, down from earlier projections of over 4.2%, largely due to a weaker-than-expected agricultural season. In January, Ahmad had said that Pakistan's macroeconomic targets were on track, with debt levels and the balance of payments under control. The central bank attributed the increase to enhanced formal banking channels, seasonal factors such as Ramadan-related giving, and exchange rate stability which encouraged legal transfers. Remittances continue to play a critical role in supporting Pakistan's external account, stabilising foreign reserves, and supplementing household incomes. Remittances from other Gulf and European countries also contributed to the surge, though in smaller volumes. The record inflow offers some short-term relief for Pakistan's economy, which continues to face external financing pressures and inflationary challenges. Higher remittances are expected to support foreign exchange reserves, strengthen the rupee, and ease the trade and current account deficits. The inflows are used by households to cover living expenses, healthcare, education, and housing, while also playing a critical role in mitigating external financing gaps. The SBP also reported improved performance of digital and formal banking channels, noting that increased awareness campaigns and crackdowns on hawala/hundi networks have also redirected inflows through official routes.
Ya Biladi
27-03-2025
- Business
- Ya Biladi
World Bank : Morocco's economy to grow 3.6% in 2025
Morocco's economy is projected to grow by 3.6% in 2025 before slightly easing to 3.5% in 2026, according to the World Bank. Favorable weather is expected to boost agriculture, while non-agricultural sectors maintain steady expansion. Speaking in Rabat on Wednesday at the launch of the World Bank's latest Morocco Economic Monitoring Report, Senior Economist Javier Diaz Cassou described the growth outlook as «relatively robust» and in line with pre-pandemic trends. Agricultural GDP is set to rebound in 2025 due to improved rainfall before stabilizing at around 2.6% in the medium term. Meanwhile, non-agricultural GDP is expected to slow slightly due to a base effect following strong expansion in 2024. Inflation remains contained despite Ramadan-related price pressures, with core inflation and expectations measured by Bank Al-Maghrib confirming overall stability, Diaz Cassou noted. The current account deficit is expected to widen modestly but remain below historical averages, reflecting a revival in domestic demand. Fiscal consolidation is set to continue, with the budget deficit narrowing toward pre-pandemic levels, helping public debt decline to between 67% and 68% of GDP. Morocco's public sector is playing an increasingly central role in the economy, aligning with the country's new development model, he added. Despite positive indicators, challenges remain. The inflationary shock has weighed on household purchasing power, dampening consumer confidence. While urban labor markets are improving—with 162,000 jobs expected to be created in 2024—employment growth has lagged behind population expansion, rising just 1.5% over the past decade compared to a 10% increase in the working-age population. The World Bank report highlights Morocco's potential for stronger, more inclusive growth through targeted reforms aimed at improving the business climate and labor market dynamism.
Arab Times
06-03-2025
- Business
- Arab Times
Minister inspects cooperative societies in Jahra for regulation compliance
KUWAIT CITY, March 6: Minister of Social Affairs, Family, and Childhood Affairs Dr. Amthal Al-Huwailah visited several cooperative societies in Jahra Governorate on Wednesday to monitor their compliance with ministerial decisions regulating cooperative markets during the holy month of Ramadan. In a press statement, the ministry explained that this tour was part of its ongoing efforts to ensure price stability, provide high-quality essential products, and ensure that laws and regulations governing cooperative markets are followed to benefit both shareholders and consumers. During the visit, Minister Al-Huwailah engaged with officials from the cooperative societies to discuss the mechanisms in place for controlling prices and ensuring the availability of Ramadan-related products. She assured them that the ministry will continue to monitor the performance of these societies to guarantee the best possible services for shareholders and consumers. The ministry emphasized that field tours will continue across various governorates to monitor cooperative societies' adherence to ministerial decisions and to improve the quality of services, aiming to achieve food security and consumer stability throughout the holy month.
