Company news in brief

ArcelorMittal reports great Q1ArcelorMittal, the world's largest steelmaker, reported higher than expected first-quarter earnings yesterday after what it said was its strongest quarter in a decade.The company said it expects global steel demand to grow by between 4.5% and 5.5% this year, with inventories low after prolonged destocking, capacity utilisation rising and steel spreads healthy. Excluding China, that growth would be 8.5% to 9.5%, with a strong rebound expected in India.The Luxembourg-based company reported first-quarter core profit (EBITDA) of US$3.24 billion, more than three times the US$967 million a year earlier and higher than the US$2.97 billion average forecast in a company poll.The group said it had benefited from a strong recovery in steel demand led by the auto industry, resulting in higher steel shipments and improved margins.It also expects iron ore shipments of about 39 million tonnes this year, from 38.2 million tonnes in 2020. – Nampa/ReutersAB InBev’s Brito to step downCarlos Brito (photo), who built Anheuser-Busch InBev into the world's biggest brewer during 15 years at the helm, will step down as CEO in July to be replaced by the group's North America boss as it shifts focus from acquisitions to boosting sales.The brewer of Budweiser, Corona and Stella Artois lagers said yesterday its board had unanimously elected Michel Doukeris, the former head of sales, to succeed fellow Brazilian Brito, from July 1.The company separately reported first-quarter earnings ahead of expectations, even with lockdowns closing hospitality in much of Europe and a one-month alcohol sales ban in South Africa.Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14.2% on a like-for-like basis and removing the impact of currency translation to US$4.27 billion, beating the 6.6% average forecast in a company-compiled poll.This figure should increase by between 8% and 12% in 2021, with revenue growth greater than that, based on higher beer sales, price hikes and a shift in consumer taste to premium brands, AB InBev said. – Nampa/ReutersKLM sees no need for further job cutsThe chief executive of KLM, the Dutch subsidiary of Air France-KLM said yesterday the company does not expect further pandemic job cuts and does not need an additional cash infusion.Speaking to reporters after Air France reported a first-quarter operating loss of 1.18 billion euro, Pieter Elbers said KLM remains in talks with the European Union over conditions attached to transforming state loans into equity but its cash position is sufficient for now."We now have a size that's adequate for the recovery [expected] in the course of this year," Elbers said.KLM cut 5 000 jobs in 2020 and an additional 1 000 in January.The company employed around 30 000 before the pandemic began. – Nampa/ReutersAston Martin posts smaller lossCarmaker Aston Martin posted a smaller first quarter loss in 2021 of 42.2 million pounds and said it continued to take steps towards profitability, as its sales to dealers more than doubled.That compared with the 110.1-million pound loss the luxury brand posted in the same period last year, when it brought in fresh investment from billionaire executive chairman Lawrence Stroll to shore up its finances.The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash.In the first quarter of 2021, total sales to dealers more than doubled to 1 353 vehicles and the firm said it was maintaining its full-year guidance that volumes will stand at around 6 000 vehicles.It hopes to reach around 10 000 cars and revenue of roughly 2 billion pounds by 2024/25. – Nampa/ReutersPayPal profit tops estimatesPayPal Holdings Inc reported its strongest first quarter on record and beat profit estimates on Wednesday, with a coronavirus-driven shift to online shopping and digital transactions boosting payment volumes.PayPal's quarterly performance builds on an equally strong 2020 for the company, which also saw record levels of payment volumes.San Jose, California-based PayPal processed a total of US$285 billion in payments in the first quarter, up 50% from a year earlier, and added 14.5 million net new active customers.PayPal also said it expects to add 52-55 million net new active accounts in 2021, with an about 30% rise in total payments volume on a spot and forex neutral basis.PayPal reported first-quarter net income of US$1.22 per share, beating analysts' average estimates of US$1.01 per share. Revenue also beat estimates, rising 31%. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-01-09

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Company news in brief

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Namibian Sun 2025-01-09

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