Qatar Airways Group has announced its most successful financial year in its 27-year history, reporting a record net profit of QAR6.1 billion (US$1.7 billion) for the 2023/24 fiscal year. The airline attributes its success to a focus on customer experience, innovation, digitalization, and sustainability, leading to a significant increase in passenger numbers and revenue.
Red Rock Resorts, a leading holding company managing Station Casinos, will announce its second-quarter 2024 financial results on July 30th. The company will also host a conference call to discuss the results and answer questions from investors.
United Airlines has scheduled a conference call to discuss its second-quarter 2024 financial results on Thursday, July 18. The airline will unveil its financial performance and outlook following the market’s close on Wednesday, July 17.
Maxeon Solar Technologies, Ltd. (NASDAQ: ) reported financial results for the first quarter ended March 31, 2024, experiencing challenges due to market conditions, demand disruptions, and project pushouts. To address these issues, Maxeon secured additional capital from its largest shareholder, TCL Zhonghuan Renewable Energy Technology Co. Ltd. (TZE), through debt and equity investments. The Company also exchanged 2025 convertible notes for new bonds due in 2028, subject to regulatory approvals.
Amidst a slight sales decline and adjusted earnings forecast for 2024, global pharmaceutical and chemical giant Bayer AG has announced a strategic move to reduce its workforce by 1500 positions, primarily in management. This downsizing initiative aims to achieve significant cost savings and streamline operations towards Bayer’s long-term goals.
Japan’s Sony Group Corporation reported a 7% decrease in its annual operating profit for the fiscal year ending March 2023. The company’s operating profit amounted to 1.2 trillion yen ($7.67 billion), which aligned with the average estimate of 23 analysts surveyed by London Stock Exchange Group.
Air Arabia, the leading low-cost carrier in the Middle East and North Africa, has announced strong financial and operational results for the first quarter of 2024. Despite industry-wide challenges, including rising fuel prices and supply chain disruptions, the airline reported a net profit of AED 266 million, an increase of 8% in revenue. Air Arabia’s robust passenger demand and efficient operations contributed to its solid financial performance.
Thai Airways International Public Company Limited (THAI) and its subsidiaries recorded a net profit of 2,423 million baht in the first quarter of 2024, reflecting a 15.0% decrease from the previous year’s Q1. The company’s total revenue grew by 10.7% to 45,955 million baht, primarily driven by increased passenger revenue. However, total expenses rose by 22.5% to 34,880 million baht, due to higher production, traffic, and ground service costs, among other factors. Despite the decrease in operating profit, THAI’s EBITDA remained stable at 14,000 million baht. The company has taken steps to optimize its flight slot management, improve route connectivity, and enhance customer experiences through cabin upgrades and a new mobile app.
Amadeus reported strong financial performance in the first quarter of 2024, with significant growth in revenue, EBITDA, operating income, and adjusted profit. Air distribution revenue increased by 12.6%, Air IT solutions revenue grew by 17.0%, and hospitality and other solutions revenue increased by 13.2%. Overall, group revenue increased by 14.1%, EBITDA by 14.2%, operating income by 19.1%, and adjusted profit by 18.8%. Amadeus’ Free Cash Flow also increased by 23.1% to €336.1 million. The company’s Net Financial Debt at March 31, 2024, stood at €2,460.0 million. Amadeus’ CEO, Luis Maroto, highlighted the company’s strong start to the year and its ongoing strategic efforts, including a partnership with Expedia Group for NDC technology integration.
Bhavesh Gupta, the Chief Operating Officer (COO) and President of Paytm, has resigned from his position due to personal reasons. Gupta’s resignation follows just days before Paytm is set to release its financial results for the March quarter of 2024 amidst restrictions imposed on its associate firm, Paytm Payments Bank Limited (PPBL). In a letter to Paytm founder Vijay Shekhar Sharma, Gupta expressed his gratitude for the opportunity to work at the company and stated that he will continue in an advisory role until the end of the year.
