BMW races into 2018 with record first-quarter sales and profit

Net profit at the Munich-based group added 1.2 percent year-on-year to reach €2.3 billion. Above, visitors look at a BMW 330 Li on display at the Beijing auto show on April 25. (AFP)
Updated 04 May 2018

BMW races into 2018 with record first-quarter sales and profit

FRANKFURT AM MAIN: German high-end carmaker BMW said Friday it booked a strong first three months with record first-quarter shipments and profits, confirming its targets for the full year.
Net profit at the Munich-based group added 1.2 percent year-on-year to reach €2.3 billion.
But operating, or underlying profits fell 3.1 percent to €2.8 billion, on the back of revenues down 5.1 percent at €22.7 billion.
BMW said its turnover and operating profit were both braked by currency effects, arguing sales would otherwise have remained around the same level as last year.
Away from the figures, chief executive Harald Krueger highlighted “crucial strategic decisions” the firm had taken in the first quarter to lay the foundations for more connected, electric-powered future cars.
It has agreed with Mercedes-Benz maker Daimler, its historic rival, to merge the two firms’ apps for car-sharing, ride-hailing and locating parking spaces and electric car charging points, and opened an autonomous driving research center outside Munich.
Meanwhile BMW struck a deal with local firm Great Wall to build all-electric Mini cars in China and previewed a battery-powered version of its X3 SUV.
Unit sales added 3.0 percent worldwide, at 604,629 vehicles between flagship BMW, compact Mini and luxury Rolls-Royce.
The figures offered little sign that revelations early in the year that the group had cooperated with Daimler and Volkswagen to fund tests of diesel exhaust gases on live monkeys put off buyers, with sales adding 1.0 percent in Europe, 4.0 percent in the Americas and 6.3 percent in China.
Looking ahead to the full year, BMW expects to book new records for unit sales and revenue, with pre-tax profits of “at least the previous financial year’s level” of €10.7 billion.


UAE’s ADGM to sign MOU with Israel’s securities authority on fintech

Updated 25 November 2020

UAE’s ADGM to sign MOU with Israel’s securities authority on fintech

  • The two countries have signed a host of accords to boost economic and business ties after normalizing ties in August

DUBAI: Abu Dhabi’s financial center, Abu Dhabi Global Market (ADGM), will sign a memorandum of understanding with Israel Securities Authority and Israel’s biggest lender, Bank Hapoalim, to support financial technology, ADGM chairman Ahmed Ali Al-Sayegh said on Wednesday.
After the UAE and Israel agreed to normalize relations in August, the two countries have signed a host of accords to boost economic and business ties.
Last month, the two countries signed an agreement that would give incentives and protection to investors who make investments in each other’s countries.