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Coca-Cola expects profit growth over higher prices, strong sales

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Coca-Cola, the world’s largest beverage company, has surged its full-year profit forecast.

The company that offers over 500 brands in more than 200 countries and territories, raised its forecast over higher prices and demand for its soft drinks worldwide and rising costs due to supply chain disruptions.

The beverage giant predicted that its annual adjusted earnings per share to surge 15 percent to 17 percent, compared with a prior forecast of a 13 percent to 15 percent increase.

The company’s shares grew 2.3 percent to $55.70 as demand for its sodas has increased due to the reopening of public places around the globe, led to a 16 percent rise in third-quarter revenue.

On an adjusted basis, Coca-Cola earned 65 cents per share in the third quarter, beating estimates of 58 cents.

Coca-Cola Chief Financial Officer John Murphy said his company is not immune to cost inflation in 2022 or the business impact of potential new lockdowns in some markets due to a spike in coronavirus cases.

Citing example of an earthquake, Murphy said that the world emerging from the crisis of a tremor. More aftershocks can come, but the consequent aftershocks tend to be smaller than the early ones, he said.

However, other companies, including rival PepsiCo Inc and consumer goods giant Procter & Gamble Co, have said that they would have to increase prices again to counter the impact of surging commodity and freight costs.

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UAE fuel prices announced for September 2024

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The UAE fuel price committee on Saturday announced petrol and diesel prices for the month of September 2024.

Super 98 petrol will cost Dh2.90 a litre, compared to Dh3.05 a litre in August, while Special 95 will cost Dh2.78 a litre, compared to Dh2.93 a litre the previous month. E-Plus category petrol will be available for Dh2.71 a litre, compared to Dh2.86 a litre in August, while diesel will now cost Dh2.78 a litre, compared to Dh2.95 a litre the previous month.

he UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.

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Secure Connection Brings Honeywell-Licensed Solutions to Saudi Market in Landmark Move

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Secure Connection, the Hong Kong-based electronic products manufacturer, announced its strategic expansion into the Saudi Arabian market with its complete range of Honeywell-licensed products. Secure Connection is an authorized trademark licensee for Honeywell International Inc. and has exclusive rights to manufacture, market, sell, and support a wide range of Honeywell-licensed products in Southeast Asia, South Asia, Middle East Asia & Africa, covering a wide array of product categories such as Air Purifiers, Home and Personal Audio products, Mobile and IT accessories, and Structured Cabling Systems.

Mr. Mohit Anand, CEO, Secure Connection Limited, shared insights on the significance of this market expansion, stating, “Saudi Arabia presents an exciting opportunity for us. Saudi Arabia is known for its vibrant economy and dynamic consumer landscape and presents tremendous opportunities for our Honeywell-licensed product range. We are confident and excited about our launch in the Kingdom and look forward to delighting the consumers with our comprehensive product offerings. We are extremely happy to have partnered with SAMIR Trading & Marketing Company as our distribution partner in Saudi Arabia”.

Samir Trading & Marketing company a leading technology product distributor in Saudi Arabia who aligns with Secure Connection’s long-term vision and shares the commitment to deliver exceptional consumer experiences. Mr. Saed Al-Hindi, CEO, SAMIR Trading & Marketing Company “We are excited to embark on this partnership with Secure Connection. Our shared commitment to delivering exceptional customer experiences aligns perfectly. Together, we will introduce innovative Honeywell-licensed products that cater to the evolving needs of Saudi consumers.”

This move represents a noteworthy step for Secure Connection’s global growth plans by exemplifying its dedication to pursuing new prospects and business opportunities. Secure Connection is committed to the Saudi Arabian market and is demonstrating this by investing resources to help create a robust business and footprint across the country.

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Burjuman or Union ? RTA reveals Dubai’s busiest metro station

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The Dubai Metro was the top choice of public transport in the emirate, accounting for 37 per cent of all commuters in the first half of 2024. Overall public transport ridership clocked 361.2 million in the first six months of the year — a 6 per cent increase over the same period in 2023. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.

The Roads and Transport Authority (RTA) counts Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses while computing public transport ridership numbers. BurJuman and Union stations saw the highest number of passengers, with BurJuman recording 7.8 million users and Union station 6.3 million users.

Announcing these figures on Sunday, theDubai Roads and Transport Authority (RTA) said the number of users of public transport and shared mobility means in Dubai, including Metro, Tram, public buses, marine transport, taxis, e-hail vehicles, smart rental vehicles, and on-demand buses—reached saw a six per cent increase compared to around 340.5 million users in the first half of 2023. The daily average number of riders in the first half of this year reached 1.98 million, compared to 1.88 million in the same period in 2023.

His excellency Mattar Al Tayer, director general, chairman of the board of executive directors of the RTA said the authority plans to improve public transport even further. He said: “RTA’s strategic and operational plans are based on achieving multi-modal integration of all public transport and shared mobility means to ensure smooth mobility across Dubai. This included developing and expanding road networks and all elements of public transport — metro, tram, buses, marine transport, first and last-mile solutions, and shared mobility— along with an enhanced and integrated pedestrian and cycling infrastructure. 

“The RTA also focuses on traffic management systems to maximise the efficiency of roads and public transport and implements policies to encourage the public to reduce reliance on private vehicles and increase the use of public and shared transport,” the RTA chief added.

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