Berkshire Hathaway recorded the highest ever quarterly operating profit rate, as profits from the group of shares owned by the company and led by the famous American billionaire Warren Buffett helped achieve huge profits, despite the conditions the US economy is going through.
The company achieved profits of more than $10 billion during the second quarter of this year, compared to $9.42 billion a year ago, as the company’s strong performance in the insurance business pushed it to face the pressures resulting from inflation in the United States.
The company’s total income during the second quarter of this year amounted to $35.9 billion.
Berkshire’s strong results come despite the warning launched by the famous billionaire at its annual meeting in Omaha last May, which indicated that the profits of most of the company’s operating units may decline in 2023, due to the exceptional “unreasonable” period the US economy is witnessing. “.
Despite the warning, the interest rate hikes carried out by the US Federal Reserve during the year helped the company reap a greater return on the cash it holds mainly in short-term US Treasury bonds.
Despite Fitch’s downgrade of the US credit rating, Buffett said Thursday that the decision “will not reduce his appetite for bonds.”
2023-08-05 14:17:55
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