profits
“We once had a client who said, ‘you can’t be green if you’re in the red.’ I think that’s a really important way to think about things,” said Amy Brachio, Global Vice Chair, Sustainability, at consultancy firm Ernst & Young (EY). How can businesses be both profitable and sustainable?Speaking at the Cannes Lions Festival of Creativity, Brachio told Euronews Business that the idea of creating an economy in which business, people and the planet can all thrive is currently “out of balance” with the reality of today. "When you look at 2024, and what it means, businesses have to deal with a lot toda...
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Chief executives of major US companies saw their pay leap nearly 13% last year, soaring way ahead of their workers, according to data analysed on behalf of AP news agency. That was considerably higher than amounts earned by workers who are feeling the strain on their budgets because of inflation. The average pay packet for CEOs rose to $16.3 million (€15 million), up 12.6%, according to the Equilar data. Meanwhile, wages and benefits awarded to private-sector workers rose a much more modest 4.1% over the same period. That means an employer would need to work around 200 years to earn the same a...
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In results released today, Iliad reported a 56.2% rise in profits for the three months to the end of March, which came in at €93 million. EBITDAaL, earnings before interest, taxes, depreciation and amortisation after leases, was recorded at €878 million euros, a jump of 12.2%. Underlying these strong profit figures, meanwhile, were robust revenues, which rose 11.2% over the quarter to €2.43 billion. Looking forward, Iliad also confirmed its €10 billion revenue target for 2024 and added that it hopes to become Europe's fifth-largest mobile operator this year. "The first quarter of 2024 marked a...
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Generali, one of Italy's biggest insurance companies, has reported a 5.5% increase in operating profits to €1.9 billion for its first quarter of 2024. The company says the rise was mostly due to the continuing robust performance of every business division. Adjusted net profit came in at €1.1 billion for the same period, a drop of 9% from the €1.2 billion seen for the same time last year. Gross written premiums surged to €26.4 billion, an increase of 21.4% that was boosted mainly by the property-casualty insurance and life insurance divisions. Life insurance net inflows reached €2.3 billion, dr...
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German banking giant Commerzbank saw its best net result in more than 10 years, as its customer business continued to see robust performance. The current high interest rate environment also contributed significantly to these figures. Operating profit for the first quarter of the year surged to €1.08 billion, up from €875 million for the same period last year, while net profit reached €747 million, up from €580 million. Total revenue came in at €2.7 billion up from €2.6 billion on last year. Net interest income rose to €2.1 billion from €1.9 billion on Q1 of last year. Net commission income was...
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Europe's largest insurer Allianz revealed an increase in business volume of more than 5% for the first three months of the year, achieving a double-figure rise in net income for its shareholders. The German firm's net profit was €2.6 billion, 21.8% higher than the year before, with core earnings per share rising to €6.42 from €5.43 last year. Operating profit was up by 6.8% at €4 billion, driven by a stronger than expected result in its property-casualty segment, which benefited from higher prices and relatively benign claims from natural catastrophes and higher investment income. Munich Re st...
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Shares in Bayer AG took a fall in early trade after the after the pharmaceutical company reported shrinking sales and earnings from the first three months of 2024, although the latter came in above expectations. Shares later recovered. Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), before special items were down 1.3% to €4.4 billion. Analysts estimated €4.15 billion. Group sales dropped to €13.7 billion, a 0.6 % drop on a currency and portfolio adjusted basis compared with the previous year. Bayer's report blamed a negative currency effect for €525 million o...
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International Consolidated Airlines Group (IAG) released its first quarter 2024 results on Friday morning, showing an operational profit before exceptional items of €68 million. This was a huge jump from the €9 million seen in the first quarter of 2023. IAG owns several notable airlines, such as British Airways, Aer Lingus, Lufthansa, Eurowings, Swiss Air, Air France and much more. Although the group still saw a loss after tax of -€4 million in Q1 2024, this was still much better than the -€87 million seen in Q1 2023. Total revenue came in at €6.4 billion in the first quarter of 2024, up from ...
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Shares in German reinsurance giant Munich Re rose on Wednesday after the company announced its first-quarter (Q1) 2024 results, clocking in a net profit of €2.14 billion, which was almost a 70% jump from the €1.2 billion seen in Q1 2023. This was mainly due to major-loss expenditure being less than anticipated, as well as a robust operational performance across the board - and investments yielding high returns. Insurance revenue from insurance contracts also increased to €15.1 billion in Q1 2024 from €14.2 billion in the first quarter of 2023. This was mainly due to the reinsurance sector seei...
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British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
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