SoftBank Group Nine-month Net Profit Soars More Than 50%

Japan's SoftBank Group said on Wednesday its net profit jumped more than 50 percent for the nine months to December thanks to strong returns from its high-tech investment fund.
Net profit rose 51.6 percent from a year earlier to 1.5 trillion yen ($13.7 billion), the mobile giant and IT investor said.
The rise was largely driven by gains of more than 800 billion yen from its investment funds, led by SoftBank Vision Fund whose partners include Saudi Arabia.
SoftBank Corp, the mobile carrier arm of the technology conglomerate, said Tuesday its net profit jumped nearly 19 percent for the nine months to December, buoyed by a gain in subscribers.
It was the first earnings announcement since its disappointing stock market debut in December.
Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business.
In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba.
It has also made high-profile investments in the autonomous vehicles sector, announcing a tie-up with car giant Toyota for "new mobility services" such as meal deliveries.
For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more