Abu Dhabi's Etihad Airways reports surge in Q1 profit
Etihad Airways reported a sharp increase in first-quarter profit on Thursday, helped by an increase in passenger revenue, ahead of possible listing of the Abu Dhabi carrier.
The airline, which over the past seven years has gone through a massive restructuring, including overhauling its management, reported a profit after tax of 526 million dirhams ($143 million), up from 59 million a year earlier.
Revenue rose 21% to 5,739 million dirhams for the January-March quarter helped by a 41% rise in passenger numbers to 4.2 million.
CEO Antonoaldo Neves told Reuters in March the state-owned airline was improving transparency, governance and its balance sheet to be ready for an public listing should its Abu Dhabi sovereign wealth fund owner, ADQ, decide to list it.
Bloomberg has reported ADQ, which took over Etihad in October 2022 and appointed Neves as its CEO, is considering an IPO for the airline as early as this year.
Thursday, 9 May 2024
Mideast Stocks: Major Gulf markets muted as Mideast conflict rages
Mideast Stocks: Major Gulf markets muted as Mideast conflict rages
Major stock markets in the Gulf were subdued on Thursday, led by the Saudi index, amid rising geopolitical tensions in the region, while negotiations on a ceasefire plan for the Gaza were set to continue in Cairo.
Israeli forces massed tanks and opened fire close to built-up areas of Rafah, residents said, after U.S. President Joe Biden vowed to withhold weapons from Israel if its forces launch a major invasion of the southern Gaza city.
Saudi Arabia's benchmark stock index dropped 1.4%, with all of its constituents posting losses, led by utilities, consumer staples and materials stocks. ACWA Power declined 7.4% and Saudi Arabian Mining slipped 2.7%. Retal Urban Development Co, however, surged 5.3%, the sharpest intraday rise since mid-December 2022 after the developer posted a 50% increase in its first-quarter net profit.
In Abu Dhabi, the benchmark index retreated 0.6%, after two straight sessions of gains, with First Abu Dhabi Bank , the UAE's largest lender, dropping 1% and the conglomerate International Holding Company shedding 0.7%. Among other losers, Abu Dhabi National Oil Company for Distribution slipped 2% after it reported an 18.8% decline in first quarter net profit sequentially. However, its quarterly profit inched up 2.3% year on year.
Dubai's benchmark index fell 0.3%, pressured by losses in industry, utilities, real estate and finance sectors. The blue-chip developer Emaar Properties slipped 1.1% and Emirates NBD, the emirate's largest lender, dropped 1.5%. However, shares of Spinneys 1961 Holding closed at 1.60 dirham per share, up 4.6% from its IPO price of 1.53 dirham a piece in its market debut.
The Qatari benchmark index rose 0.1%, helped by a 3% gain in Qatar Navigation and a 4.5% rise in Qatar Gas Transport Nakilat. Nakilat, the world's largest LNG fleet operator and state-owned energy giant QatarEnergy signed a long-term agreement on Wednesday to charter and operate nine QC-Max LNG vessels.
Outside the Gulf, Egypt's blue-chip index was up 0.1%, aided by gains in materials, consumer staples, healthcare and finance sectors. Abu Qir Fertilizers rose 3.1% and Eastern Company added 1.9%.
Major stock markets in the Gulf were subdued on Thursday, led by the Saudi index, amid rising geopolitical tensions in the region, while negotiations on a ceasefire plan for the Gaza were set to continue in Cairo.
Israeli forces massed tanks and opened fire close to built-up areas of Rafah, residents said, after U.S. President Joe Biden vowed to withhold weapons from Israel if its forces launch a major invasion of the southern Gaza city.
Saudi Arabia's benchmark stock index dropped 1.4%, with all of its constituents posting losses, led by utilities, consumer staples and materials stocks. ACWA Power declined 7.4% and Saudi Arabian Mining slipped 2.7%. Retal Urban Development Co, however, surged 5.3%, the sharpest intraday rise since mid-December 2022 after the developer posted a 50% increase in its first-quarter net profit.
In Abu Dhabi, the benchmark index retreated 0.6%, after two straight sessions of gains, with First Abu Dhabi Bank , the UAE's largest lender, dropping 1% and the conglomerate International Holding Company shedding 0.7%. Among other losers, Abu Dhabi National Oil Company for Distribution slipped 2% after it reported an 18.8% decline in first quarter net profit sequentially. However, its quarterly profit inched up 2.3% year on year.
Dubai's benchmark index fell 0.3%, pressured by losses in industry, utilities, real estate and finance sectors. The blue-chip developer Emaar Properties slipped 1.1% and Emirates NBD, the emirate's largest lender, dropped 1.5%. However, shares of Spinneys 1961 Holding closed at 1.60 dirham per share, up 4.6% from its IPO price of 1.53 dirham a piece in its market debut.
The Qatari benchmark index rose 0.1%, helped by a 3% gain in Qatar Navigation and a 4.5% rise in Qatar Gas Transport Nakilat. Nakilat, the world's largest LNG fleet operator and state-owned energy giant QatarEnergy signed a long-term agreement on Wednesday to charter and operate nine QC-Max LNG vessels.
Outside the Gulf, Egypt's blue-chip index was up 0.1%, aided by gains in materials, consumer staples, healthcare and finance sectors. Abu Qir Fertilizers rose 3.1% and Eastern Company added 1.9%.
Supermarket Chain Spinneys Climbs 11% in #Dubai Trading Debut - Bloomberg
Supermarket Chain Spinneys Climbs 11% in Dubai Trading Debut - Bloomberg
High-end supermarket chain Spinneys rose as much as 11% in its Dubai trading debut after a rare private sector initial public offering in the United Arab Emirates, an encouraging sign for other companies looking to go public.
Shares in Spinneys 1961 Holding Plc opened at 1.7 dirhams on Thursday, up from the offer price of 1.53 dirhams, which was at the top of a marketed range. The IPO attracted heavy demand from investors who put in 71 billion dirhams ($19 billion) worth of orders for the 1.38 billion-dirham share sale.
The stock pared gains to 7.2% by 10:03 a.m. local time.
The positive performance bodes well for other privately-held firms that may be weighing IPOs in the Gulf nation. The UAE has seen a wave of listings since late 2021, but the vast majority have been state-owned companies.
High-end supermarket chain Spinneys rose as much as 11% in its Dubai trading debut after a rare private sector initial public offering in the United Arab Emirates, an encouraging sign for other companies looking to go public.
Shares in Spinneys 1961 Holding Plc opened at 1.7 dirhams on Thursday, up from the offer price of 1.53 dirhams, which was at the top of a marketed range. The IPO attracted heavy demand from investors who put in 71 billion dirhams ($19 billion) worth of orders for the 1.38 billion-dirham share sale.
The stock pared gains to 7.2% by 10:03 a.m. local time.
The positive performance bodes well for other privately-held firms that may be weighing IPOs in the Gulf nation. The UAE has seen a wave of listings since late 2021, but the vast majority have been state-owned companies.
Hong Kong Turns to #SaudiArabia for New Funds Amid Stock Market Challenges - Bloomberg
Hong Kong Turns to Saudi Arabia for New Funds Amid Stock Market Challenges - Bloomberg
Hong Kong is turning to oil-rich Saudi Arabia for new funds to help offset a growing list of challenges facing its stock market.
The Saudi Tadawul Group and Hong Kong Exchanges & Clearing Ltd. are co-organizing a conference Thursday at a very opportune time given the city needs fresh stock listings and fund inflows to boost its status as a financial hub. While Hong Kong stands to benefit from the forum, it will also involve an army of Saudi company officials seeking more exposure to Asian investors.
“There is strong political will that is pushing for this relationship between China and Gulf countries,” said Edmond Christou, an analyst at Bloomberg Intelligence in Dubai, who recently met with investors and companies in Hong Kong, Shanghai and Beijing. “When you talk to businesses in China, you hear that clients are interested in investing in the Middle East. They are looking for ways to make that happen.”
Hong Kong is turning to oil-rich Saudi Arabia for new funds to help offset a growing list of challenges facing its stock market.
The Saudi Tadawul Group and Hong Kong Exchanges & Clearing Ltd. are co-organizing a conference Thursday at a very opportune time given the city needs fresh stock listings and fund inflows to boost its status as a financial hub. While Hong Kong stands to benefit from the forum, it will also involve an army of Saudi company officials seeking more exposure to Asian investors.
“There is strong political will that is pushing for this relationship between China and Gulf countries,” said Edmond Christou, an analyst at Bloomberg Intelligence in Dubai, who recently met with investors and companies in Hong Kong, Shanghai and Beijing. “When you talk to businesses in China, you hear that clients are interested in investing in the Middle East. They are looking for ways to make that happen.”
#SaudiArabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs - Bloomberg
Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs - Bloomberg
Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue.
“We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.
“And the good thing about those IPOs is not just the number but the diversity,” he said. “So they are from different sectors, different sizes in different stage in their life cycle.”
The comments come fresh off a burst of IPO activity for Saudi Arabia, with four companies having announced offerings in recent weeks. They include hospital group Dr. Soliman Abdul Kader Fakeeh Hospital, which will be the kingdom’s biggest IPO of 2024.
That offering sold out in less than an hour and seeks to raise as much 2.86 billion riyals ($763.4 million) — more than all of the year’s combined listings to date. Water treatment business Miahona’s offer also drew strong demand, and the deal was priced at the top of an initial range Thursday.
Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue.
“We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.
“And the good thing about those IPOs is not just the number but the diversity,” he said. “So they are from different sectors, different sizes in different stage in their life cycle.”
The comments come fresh off a burst of IPO activity for Saudi Arabia, with four companies having announced offerings in recent weeks. They include hospital group Dr. Soliman Abdul Kader Fakeeh Hospital, which will be the kingdom’s biggest IPO of 2024.
That offering sold out in less than an hour and seeks to raise as much 2.86 billion riyals ($763.4 million) — more than all of the year’s combined listings to date. Water treatment business Miahona’s offer also drew strong demand, and the deal was priced at the top of an initial range Thursday.
Mideast Stocks: Major Gulf bourses mixed in early trade
Mideast Stocks: Major Gulf bourses mixed in early trade
Major stock markets in the Gulf were mixed in early trade on Thursday amid rising geopolitical tension in the region while negotiations on a ceasefire plan for Gaza were set to continue in Cairo.
Meanwhile, U.S. President Joe Biden vowed publicly for the first time to withhold weapons from Israel if its forces make a major invasion into Rafah in southern Gaza.
Saudi Arabia's benchmark stock index dropped 0.6%, with most of the constituents posting losses, led by utilities, materials and IT stocks.
ACWA Power fell 2.5% and Saudi Arabian Mining slipped 1.9%. Retal Urban Development Co, however, surged 5.8% after the developer reported a 50% increase in its first-quarter net profit.
In Abu Dhabi, the benchmark stock index was down 0.6%, with conglomerate International Holding Company dropping 0.8% and Abu Dhabi National Oil Company for Distribution sliding 0.9%.
Dubai's benchmark stock index was little changed with blue-chip developer Emaar Properties losing 0.6% and tolls operator Salik Company shedding 0.9%.
However, shares of Spinneys Holding 1961 rose 11.1% to 1.70 dirhams compared to its IPO price of 1.53 dirhams per share in its market debut.
The Qatari benchmark index edged up 0.2%, helped by a 2.4% gain in Qatar Navigation and a 3.5% rise in Qatar Gas Transport (Nakilat).
Nakilat, the world's largest LNG fleet operator and state-owned energy giant QatarEnergy signed a long-term agreement on Wednesday to charter and operate nine QC-Max LNG vessels.
Major stock markets in the Gulf were mixed in early trade on Thursday amid rising geopolitical tension in the region while negotiations on a ceasefire plan for Gaza were set to continue in Cairo.
Meanwhile, U.S. President Joe Biden vowed publicly for the first time to withhold weapons from Israel if its forces make a major invasion into Rafah in southern Gaza.
Saudi Arabia's benchmark stock index dropped 0.6%, with most of the constituents posting losses, led by utilities, materials and IT stocks.
ACWA Power fell 2.5% and Saudi Arabian Mining slipped 1.9%. Retal Urban Development Co, however, surged 5.8% after the developer reported a 50% increase in its first-quarter net profit.
In Abu Dhabi, the benchmark stock index was down 0.6%, with conglomerate International Holding Company dropping 0.8% and Abu Dhabi National Oil Company for Distribution sliding 0.9%.
Dubai's benchmark stock index was little changed with blue-chip developer Emaar Properties losing 0.6% and tolls operator Salik Company shedding 0.9%.
However, shares of Spinneys Holding 1961 rose 11.1% to 1.70 dirhams compared to its IPO price of 1.53 dirhams per share in its market debut.
The Qatari benchmark index edged up 0.2%, helped by a 2.4% gain in Qatar Navigation and a 3.5% rise in Qatar Gas Transport (Nakilat).
Nakilat, the world's largest LNG fleet operator and state-owned energy giant QatarEnergy signed a long-term agreement on Wednesday to charter and operate nine QC-Max LNG vessels.
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