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In the first eight months of this year, China’s industrial profits have remained constant

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3 years ago

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Official data released on Tuesday indicated that profits of China’s biggest industrial businesses grew steadily in the first eight months of the year as industrial production firmed up and business operations improved.

The combined profits of industrial businesses with annual commercial revenues of at least 20 million yuan (about 3.1 million US dollars) increased 49.5 percent year on year to 5.6 trillion yuan in the January-August period, according to data from the National Bureau of Statistics (NBS).

The volume increased by 42.9 percent from the previous year, placing the average growth rate for 2020 and 2021 at 19.5 percent from January to August.

According to NBS data, large industrial enterprises made profits of 680.28 billion yuan in August, rising 10.1 percent year on year. Despite the impact of floods, a relatively high base, and a sporadic return of COVID-19 instances, business operations of China’s industrial businesses improved last month, according to NBS senior statistician Zhu Hong.

In August, profits in the high-tech manufacturing sector increased by 17.5 percent, up 7.4 percentage points from the average level of industrial businesses, according to Zhu. The pharmaceutical production sector, in particular, saw profits rise 70.5 percent year over year, owing to robust demand for COVID-19 vaccines.

According to Zhu, profit growth in the mining and raw materials industrial sectors has maintained apace. The coal industry witnessed its profit climb by 241 percent, up 30 percentage points from a month ago, thanks to rising bulk commodity prices. Profits in the oil and gas extraction business increased by 257 percent, while profits in the nonferrous metals and chemical industries increased by 98.9% and 66.5 percent, respectively.

Due to rebounding market demand and rising product prices, Zhu also noted a solid recovery in profitability for consumer goods makers like as chemical fiber and textile industries.

Meanwhile, Zhu warned against a rebound of COVID-19 infections, rising commodity prices, and chip shortages, all of which might hurt companies’ earnings. In the following stage, a host of steps will be implemented to help industrial enterprises grow even faster, including improving epidemic management, assuring commodity supplies, and lowering taxes and fees, according to Zhu.

 

Source: Xinhua News Agency

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Business

MIB signs an agreement to expedite business registration process

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19 hours ago

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04/05/2024

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Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

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MTCC reports staggering 82.9% net profit drop

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4 days ago

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01/05/2024

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Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv

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STO opens showroom in Hulhumale’

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2 weeks ago

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24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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