Connect with us

News

Asbis reports double digit growth in Q1 2017

Published

on

ASBISc Enterprises Plc, a leading distributor of IT products in the emerging markets of Europe, the Middle East and Africa, significantly improved its results in Q1 2017. The Group continued its strategy to improve margins, while keeping expenses under control. While revenues in Q1 2017 grew by 16.50% y-o-y, gross profit margin reached 5.22%. As a result, gross profit grew by 13.81% to U.S.$ 15,139 from U.S.$ 13,302. Expenses remained under control and only grew to the extent of investments in new business. EBITDA grew by 18.80% to U.S.$ 4.517 in Q1 2017 as compared to U.S.$ 3,802 in Q1 2016. Net profit after tax in Q1 2017 amounted to U.S.$ 551 thousand as compared to U.S.$ 401 in Q1 2016 showing a 37.40% improvement.

Having seen a significant growth in revenues and opportunities in its major markets, the Company fully sustains its financial forecast for the year 2017.

Siarhei Kostevitch, CEO and Chairman of ASBISc Enterprises Plc, said, “In Q1 2017 we started to benefit from improved position in our major markets, that we won by supporting our customers in tough times. We have also noticed some improvement in overall consumer sentiment. As a result, our revenues in FSU almost doubled after a strong growth in all major countries of the region. Having seen this growth, we have decided to invest more in these markets and benefit from market revival. This has triggered a growth in expenses though. However, the pace of this growth was slower than the pace of growth in revenues and gross profit. As a result, profitability grew at all levels.”

He continued, “We expect this positive trend to continue in the next quarters, although we need to remember that Q2 usually is the slowest period of the year. We expect to realize the majority of our forecasted profits, as usual, in the second half of the year. Meanwhile, we work on keeping gross profit margins high enough so we benefit from any improvement in demand in our major markets.”

Focus on the F.S.U. region allowed the Company to continue its very good sales performance and show an impressive 89.02% growth year-on-year. Following that, the F.S.U. share in our total revenues grew to 48.15% from 29.68% in Q1 2016 (and 42.23% in Q4 2016).

Sales in the Central and Eastern Europe region have decreased by 8.15% in Q1 2017 as compared to Q1 2016. Sales in Western Europe in Q1 2017 decreased by 7.17% compared to Q1 2016. Sales in MEA region have decreased by 17.03% in Q1 2017 as compared to Q1 2016.

Growth in F.S.U. has arisen from a continuous improvement in Russia, Ukraine, Kazakhstan and Belarus that in Q1 2017 grew by 87.25%, 85.71%, 163.84% and 36.48% respectively. In the same time the 26.68% decrease in Slovakia has been partially compensated by a 20.81% increase in the Czech Republic, 16.38% increase in Romania and 6.81% increase in Hungary. The decrease in MEA region of 17.03% is mainly attributed to the slow-down in the North Africa region where last year we have serviced large projects.

In Q1 2017 revenues from CPUs and HDDs decreased by 6.33% and 8.90% respectively as compared to Q1 2016. However, decrease in HDDs sales was compensated with 185.49% growth in sales of SSDs. Laptops sales increased by 15.66% and sales of tablets grew by 32.47%. What is even more important, we increased sales of smartphones in Q1 2017 by 44.97% year-on-year (mostly following an improvement in iPhone sales). As a result, smartphones were again no. 1 segment in our product portfolio for Q1 2017.

From other product lines, the Company has noticed a positive trend for Q1 2017 in mainboards and VGA cards (+34.26%), PC desktop (+22.87%), peripherals (+65.77%), display products (+38.89%), memory modules (+102.48%), accessories and multimedia (+74.87%) and flash memory (+13.49%).

News

THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

Published

on

Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

Continue Reading

Financial

Reem Finance signs with Network International to accelerate digital transformation

Published

on

Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

Continue Reading

Financial

Wio Bank Redefines SME Banking with New Embedded Finance

Published

on

Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

Continue Reading

Trending

Please enable JavaScript in your browser to complete this form.

Copyright © 2023 | The Integrator