Latest news with #netProfit
Yahoo
a day ago
- Business
- Yahoo
Record Revenues Take Inter Milan On Course For Net Profit In 2024-25 Financial Year – 2021 Crisis A Distant Memories As Debt Payments Slashed
Record Revenues Take Inter Milan On Course For Net Profit In 2024-25 Financial Year – 2021 Crisis A Distant Memories As Debt Payments Slashed Inter Milan are on course to record a net profit in the 2024-25 financial year, with record revenues and lower debt payments. This according to today's print edition of Milan-based newspaper Gazzetta dello Sport, via FCInterNews. They note that the financial crisis of 2021 now seems like a distant memory for the Nerazzurri. Advertisement It is not exactly a big secret that Inter Milan hit a turbulent patch financially in the last decade. In the aftermath of the financial shock of the COVID-19 pandemic and lockdown, the Nerazzurri suffered gargantuan losses. This culminated in a brutal summer of 2021. That transfer window saw Inter offload key players in their Serie A title win like Achraf Hakimi and Romelu Lukaku for massive transfer fees. Over the course of the last few years, though, Inter have gradually improved the situation. There have been hardships in the transfer market, with Inter not able to spend without selling. Furthermore, the club have slashed their wage bill year on year since 2021. Advertisement However, in the meantime, Inter's revenues have also climbed year on year. That has culminated in record revenues for the financial year ending in a couple of days. This owes a lot to Inter's run to the Champions League final, as well as participation in the highly lucrative Club World Cup. Inter Milan To Record Profit In 2024-25 Financial Year MILAN, ITALY – MAY 22: (L-R) CEO Corporate FC Internazionale he is. He was. It is. It was. She is. She was. Alessandro Antonello, Oaktree's Global Opportunities strategy Managing Director Katherine Ralph, Managing Director and Co-Head of Europe for Oaktree's Global Opportunities strategy Alejandro Cano, CEO Sport FC Internazionale Giuseppe Marotta attend a meeting between FC Internazionale new owners Oaktree and Club's Management on May 22, 2024 in Milan, Italy. (Photo by Guido) According to the Gazzetta, all of this means that Inter Milan are on course to finally record a profit for the 2024-25 financial year. In past financial years, reductions in losses were considered a success for Inter. However, the club have managed to navigate past that phase. Therefore, they should be in the black in their next set of accounts. Advertisement Meanwhile, the Gazzetta notes, Nerazzurri owners Oaktree Capital have also refinanced the club's bond. The Gazzetta detail how Oaktree have largely accomplished this by issuing a new €350 million bond. This is with institutional investors from North America. As the Gazzetta note, this new bond is rated at 'investment grade' rather than 'junk bond.' Furthermore, the new bond has a much more favourable interest rate. It has fallen from 6.75% to 4.5%. The upshot of this means that the annual payments that Inter will make servicing the interest from their bond have fallen significantly. From €29 million annually, the payments have dropped by €13 million to €16 million.
Malay Mail
3 days ago
- Business
- Malay Mail
PBAHB posts record RM144m profit, seeks over RM1b for water infrastructure, says Chow Kon Yeow
GEORGE TOWN, June 26 — Penang Water Supply Corporation's (PBAPP) holding company PBA Holdings Bhd (PBAHB) recorded the highest net profit of RM144.167 million in its 26-year history. This is a 319.7 per cent increase in net profit compared to a net profit of RM34.348 million in 2023. PBAHB and PBAPP chairman Chow Kon Yeow attributed the record net profit to the Penang water rate review that was implemented from February 1 last year. 'This is an outstanding achievement but it does not serve to fill PBAHB's coffers or to enrich the company,' he said in a press conference after PBAHB's 25th annual general meeting. He said the 2024 water rates were still insufficient to fund all projects under the Water Contingency Plan 2030 (WCP 2030). Chow, who is Penang chief minister, said PBAPP will still need to invest about RM2.099 billion to complete six new water supply infrastructure projects under the WCP 2030. 'PBAPP's projected capital expenditure (capex) for upgrading existing infrastructure is RM86.8 million in 2025,' he said. He said PBAHB and PBAPP will still need to raise more than RM1 billion in the next few years even though Pengurusan Aset Air Berhad will be providing long-term leasing arrangements for two WCP 2030 projects. 'We will announce when we obtain the funding for WCP 2030 projects,' he said. When asked how the funds will be raised, Chow said there will be a possible issuance of sukuk which will be announced shortly. When asked about a possible water tariff review to raise the RM1 billion, Chow said it is under the jurisdiction of National Water Services Commission (SPAN). 'SPAN has presented a proposed water tariff review and is now awaiting Cabinet approval before it is gazetted for several states to implement the review,' he said. He said there will be a tariff review every three years and it will be subjected to Cabinet approval before implementation of the final tariff review. During the AGM earlier today, shareholders approved a final dividend of 2.25 sen per share. The projected total payout to 7,157 shareholders will be RM7.5 million on August 1. This is the 24th consecutive year that PBAHB will pay dividends to its shareholders. Chow also said PBAPP produced the largest volume of treated water last year at 1,208 million litres per day (MLD). 'With a non-revenue water (NRW) percentage of 28 per cent in 2024, total water consumption in Penang was recorded as 870 MLD,' he said. He said the national average NRW in 2023 was 34.6 per cent. 'However, we will not be complacent, PBAPP has been directed to implement plans to lower the NRW in Penang,' he said. He said PBAPP now has a 1,726 MLD maximum design capacity for treated water production with the opening of Package 12A of the Sungai Dua Water Treatment Plant (WTP) in September last year. 'This leaves us with a 30 per cent reserve margin as compared to national average of 15.3 per cent in 2023,' he said. Chow said the water demand in Penang may reach 1,532 MLD by 2030. However, he said Penang faced several challenges in meeting water demand as it is a small state with limited land bank for PBAPP to build more dams. 'We do not have much forest land left in Penang to serve as water catchments,' he said. He said climate change has affected rainfall in Penang's water catchment areas. 'Since 2021, the Air Itam Dam and Teluk Bahang Dam have not been refilled to 100 per cent,' he said. He said Sungai Muda is Penang's one and only major raw water resource but currently the Perak-Penang Water Project is underway. 'We are still awaiting the first meeting to be held between Perak and Penang on this project,' he said. He said technical aspects of the project are underway in Perak and Penang is close to beginning negotiations on commercial terms of the project. He said Penang is also looking at other alternative water resources such as Sungai Prai and Sungai Kerian. 'We are building a new treatment plant just beside Sungai Muda and there are plans to build onsite retention ponds,' he said. He said there was a drop in per capita domestic consumption last year from 284 litres per capita per day (LCD) in 2023 to 261 LCD in 2024. 'However, 261 LCD is still higher than the national average of 228 LCD in 2023,' he said. He said PBAPP is hoping to reach a water consumption target of 250 LCD this year.
Zawya
4 days ago
- Business
- Zawya
City Cement appoints new Chairman, Vice Chairman
Riyadh: City Cement Company named Badr bin Omar Al Abdullatif as the board's Chairman for the next four years. Saleh bin Ibrahim Al Shabnan was announced as the Vice Chairman, according to a bourse disclosure. The two officials were elected for a new board term that commenced on 19 June 2025 and is set to conclude on 18 June 2029. In the first quarter (Q1) of 2025, City Cement Company generated an annual leap of 23.91% in net profit to SAR 51.53 million, compared to SAR 41.59 million.
Zawya
29-05-2025
- Business
- Zawya
Egypt: Orascom Construction posts $847.6mln in Q1 2025 revenue
Arab Finance: Orascom Construction reported revenue of $847.6 million, and the company's consolidated backlog stood at $8.7 billion during the first quarter (Q1) of 2025, as per an emailed release. The firm also reported net profit attributable to shareholders of $25.1 million and EBITDA worth $54.1 million as of March 31st. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Reuters
28-05-2025
- Business
- Reuters
Russian banks' net profit up 7% m/m in April, central bank says
MOSCOW, May 28 (Reuters) - The net profit of Russian banks rose by 7% in month-on-month terms in April to 261 billion roubles ($3.27 billion), according to data published by the central bank on Wednesday. Corporate lending rose by 0.9% in April compared to March, while consumer lending declined by 0.7%, the central bank said. ($1 = 79.8705 roubles)
