Etihad profit more than triples to almost $500 million ahead of expected IPO | Reuters

Etihad profit more than triples to almost $500 million ahead of expected IPO | Reuters

Etihad Airways more than tripled its net profit last year to $476 million, the carrier, which sources say is set for an initial public offering this quarter, said on Wednesday.

Earnings were boosted by $5.7 billion in passenger revenue and $1.1 billion in cargo revenue, the company said, also citing "significant operational efficiency improvements".

"Looking ahead, I am confident we will continue to be a financially strong airline," CEO Antonoaldo Neves said in a statement.

The company did not mention listing plans in its earnings statement, but sources told Reuters last month Etihad had sounded out investors ahead of a potential offering this quarter.

The airline, which is owned by Abu Dhabi's $225 billion wealth fund ADQ, is looking at a potential stake sale of around 20% to local and international investors, the sources said.

The UAE's capital Abu Dhabi has been ramping up efforts to become a global travel hub as governments in the region diversify their economies away from oil by investing in sectors like tourism.

Etihad, which started operations in 2003, has been through a multi-year restructuring and management shake-up after investing billions of dollars to compete more effectively with Gulf peers.

The launch of a multibillion-dollar new terminal at Abu Dhabi's Zayed International Airport in 2023 tripled the hub's annual capacity to 45 million passengers and could help the airline's growth plans.

Etihad launched more than 20 new destinations last year and is planning to expand its destinations to more than 125 airports by 2030.

Gulf markets end mixed on Trump's tariff threats | Reuters

Gulf markets end mixed on Trump's tariff threats | Reuters

Stock markets in the Gulf ended mixed on Wednesday as investors exercised caution following U.S. President Donald Trump's latest tariff threats on auto, semiconductor and pharmaceutical imports.

Since taking office last month, Trump has imposed a 10% tariff on imports from China, and announced plans for 25% tariffs on goods from Mexico and non-energy imports from Canada, although these have been delayed.

Additionally, he has set a date for 25% tariffs on imported steel and aluminium, and is considering reciprocal tariffs on countries that tax U.S. imports.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 1.1% fall in ACWA Power Company (2082.SE), opens new tab.

ACWA plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer Engie , the companies said in a joint statement on Wednesday.

Among other decliners, SAL Saudi Logistics Services Company (4263.SE), opens new tab dived about 8% - to become the top loser in the index - following a drop in its fourth-quarter profit.

The cargo firm also slashed its fourth-quarter cash dividend to 1.33 riyals apiece.

Dubai's main share index (.DFMGI), opens new tab gained 0.3%, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.3% lower.

Meanwhile, oil prices edged up, buoyed by concern over oil supply disruptions in Russia and the U.S. while the market awaits clarity on sanctions as the U.S. attempts to broker a deal to end the war in Ukraine.

The Qatari index (.QSI), opens new tab added 0.1%, helped by a 0.9% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.9% higher, with Commercial International Bank (COMI.CA), opens new tab rising 0.9%, following an increase in annual profit.