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Al Etihad
09-05-2025
- Sport
- Al Etihad
Ahmed bin Hamdan awards winners of Abu Dhabi Grand Kingfish Championships 2025
9 May 2025 12:16 ABU DHABI (WAM)Sheikh Ahmed bin Hamdan Al Nahyan, President of the UAE Sailing and Rowing Federation, has awarded the winners of the Abu Dhabi Grand Kingfish Championships 2025 at a ceremony held at Majlis Al Bateen in Abu championships promoted traditional sport that embodies the UAE's maritime heritage, and carried a prize pool valued at more than Dh4.2 million. Sheikh Ahmed bin Hamdan Al Nahyan honoured sponsors and supporters of the event, and affirmed its significance and role in promoting the continued practice of maritime heritage sports.
Al Etihad
06-04-2025
- Business
- Al Etihad
UAE markets show resilience amid global downturn: Kamco Invest
6 Apr 2025 13:25 REDDY (ABU DHABI)Despite a backdrop of global market volatility, the UAE's stock exchanges — the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) — demonstrated notable resilience in March 2025. While both markets closed the month in negative territory, the overall narrative, as highlighted in Kamco Invest's Monthly Markets Review, underscores the relative stability of the UAE bourses, supported by strong corporate fundamentals, continued investor confidence, and healthy economic undercurrents. According to Kamco Invest, the declines in ADX and DFM were 'largely in sync with the downward trend seen across most global and regional equity markets during March'. Nevertheless, the performance of several key sectors, coupled with strategic initiatives and robust dividend payouts, reflect the underlying strength of the UAE markets. ADX The ADX General Index recorded a 2% monthly decline, ending March at 9,368.81 points. Yet, this contraction came in the context of a broader global correction and should not overshadow the exchange's solid performance over the longer term. Sectoral performance on the exchange was predominantly negative, with eight out of 10 sector indices posting declines, while only two registered gains. Despite the downturn, the utilities and telecommunications offered a bright spot. 'The Utilities Index recorded the highest gain, rising 15.5%, driven solely by the performance of Abu Dhabi National Energy Co., the sector's only constituent, which posted an identical 15.5% increase in share value for the month,' Kamco Invest report said. Telecommunications posted a growth of 1.4%. In terms of monthly stock performance, Gulf Cement Company topped the monthly gainers chart with its share price increasing by 37% followed by Abu Dhabi National Takaful and Union Insurance which recorded gains of 31.3% and 26.5%, Dhabi National Hotels Co. topped the list of the most active stocks table during the month with 681.9 million traded shares followed by ADNOC Gas and Multiply Group, which traded 607.3 million shares and 578.9 million shares, respectively. In terms of value traded, International Holdings Company topped the list of the most active stocks table during the month with Dh4.2 billion worth of shares traded followed by ADNOC Gas and First Abu Dhabi Bank, which traded Dh2.0 billion and Dh1.5 billion worth of shares, respectively. DFM Dubai's DFM General Index mirrored the regional and global trend, declining by 4.2% to close the month at 5,096.24 points. Still, the exchange's performance was buoyed by resilience in several sectors and strong trading momentum in select names. Seven out of eight sector indices posted declines, while only one sector recorded gain. The Materials Index posted the largest gain of 29.8%, closing at 175.8 points, primarily driven by an identical 29.8% increase in the National Cement Company's share price. The real estate sector, which has traditionally been a bellwether for DFM, also demonstrated a relatively modest drop of 1.6%. National Cement Co topped the monthly gainers table with a 29.8% jump in share price followed by National General Insurance and Dubai Refreshments Company with gains of 28.7% and 20.7%, Properties topped the monthly volumes traded chart recording 620.3 million shares which changed hands during the month followed by Drake & Scull International and Talabat Holding which saw 538.4 million and 287.9 million of their shares change hands during the month, the monthly value traded chart, Emaar Properties topped the list with Dh3.5 billion worth of shares changing hands during the month, followed by Emaar Development, and Dubai Islamic Bank which saw Dh1.4 billion and Dh1.1 billion value of their shares traded, market capitalisation at DFM stood at Dh894.8 billion at the end of March the broader GCC region, most stock markets recorded monthly declines in March 2025. Qatar led the decline with a 2.0% fall in the QE Index, followed by a 1.6% dip in Oman. Bahrain and Saudi Arabia also saw marginal decreases, at 0.5% and 0.7% respectively. Only the Boursa Kuwait bucked the trend, recording a marginal gain of 0.9% during the month, driven by selective buying in blue-chip names. 'The relatively smaller decline in the GCC index reflected gains in large cap sectors, that included Banking, Telecom and Materials that almost fully offset declines in the rest of the sectoral indices,' Kamco Invest said. Gains for the banking sector came after interest rate expectations showed higher for longer rates in the near term, supporting net interest income for the sector, the report added.
Khaleej Times
20-03-2025
- Business
- Khaleej Times
Etihad IPO not the end goal but a natural progression, says airline CEO
The highly anticipated Etihad Airways initial public offering (IPO) 'is not the end goal but a natural progression' for the UAE national carrier, the company CEO told Khaleej Times, noting Etihad is ready for public listing from a governance and financial result standpoint. Antonoaldo Neves, Etihad Airways CEO, however, underscored 'no decision has been made on IPO, as it is the shareholder's decision." Etihad, established 2003, is owned by sovereign wealth fund ADQ, which had not made any comment yet on the matter. There have been talks about Etihad's plans to make its stock market debut this year, following a record performance in 2024 and robust growth in passenger numbers over the past two years. Etihad posted a record Dh1.7-billion profit after tax last year – driven by Dh20.8 billion in passenger revenue and Dh4.2 billion in cargo revenue, alongside significant operational efficiency improvements. Also in the full year of 2024, the UAE national airline carried more than 18.5 million passengers, up by 32 per cent from 2023, or an 80 per cent increase when compared to passenger numbers in 2022. With its balance sheet and corporate governance ready for an IPO, Neves said Etihad's focus at the moment is not on the IPO but on expanding its global reach. Speaking to Khaleej Times during a flight to Addis Adaba, where Etihad announced its latest destination in Ethiopia, Neves said: 'The IPO is not a necessity but an option – a means to expand (Etihad) in a very capital-intensive business.' Neves, however, did not hide his elation over repeated speculations on Etihad IPO, noting that constant talks about going public mean the airline 'is doing good.' 'Because if we're doing bad, there would never be speculation on any IPO, right?,' he added. 'We have expanded our margins and improved profitability. But there's still a lot of things that we need to do and, thankfully, we have the right support from our shareholders. We have a great board and we have great people working for the company,' he continued. The Brazilian CEO, who previously served CEO and board member of TAP, the national airline of Portugal, noted offering shares to institutional and individual investors would be 'a natural progression' for Etihad as it ramps up effort to become a global travel hub. 'It's (IPO) natural, right?,' he added, noting ADQ itself is a listed company. Neves reiterated running an airline is a highly capital-intensive business, where you need to have flexibility and access to a number of strong foundation instruments such as IPO. He assured from a transparent corporate governance perspective and financial result standpoint, Etihad has met all criteria to offer an IPO. 'The airline is doing great, but the decision to do it (IPO) remains with the shareholders. If we're gonna do it or not, only time will tell,' he added. Expanding routes Meanwhile, Neves said Etihad's focus at the moment is expanding its global network. Addis Adaba is its 15th new destination for 2025 and the national carrier will start its daily nonstop flights from Abu Dhabi to Addis Ababa on October 1. This was made possible following the signing of a Joint Venture (JV) agreement with Ethiopian Airlines. Neves underscored Etihad 'is working hard to expand partnerships' globally. He said: 'We earlier announced a partnership with China Eastern to improve connectivity to China. (Partnerships) are crucial for Etihad because they enable us to offer customers more travel options to various destinations worldwide.' Early this week, Etihad announced its third daily flight to Moscow Sheremetyevo Airport (SVO), as well as a new service to Sochi, Russia's premier resort destination on the Black Sea coast, starting May 29.
Khaleej Times
19-02-2025
- Business
- Khaleej Times
Etihad Airways announces Dh1.7 billion profit after tax in 2024
Etihad Airways today announced its results for the full year 2024, recording strong performance across all key metrics with a Dh1.7 billion profit after tax driven by Dh20.8 billion passenger revenue and Dh4.2 billion Cargo revenue, alongside significant operational efficiency improvements. The airline carried 18.5 million passengers last year, a 32 per cent increase from the previous year, reflecting strong and sustained demand across its expanding network. Strong top-line performance and continued improvements in unit costs drove a remarkable operating result, with EBITDA reaching Dh4.7 billion, a 32 per cent year-on-year increase. Profit after tax for FY24 more than tripled year-on-year, driven by strong momentum in the passenger business, a robust recovery in Etihad's cargo operations, and a significant reduction in net finance costs – down by almost Dh1 billion, or 80 per cent year-on-year – reflecting continuous balance sheet deleveraging supported by strong cash generation. Total revenue saw a remarkable year-on-year increase of 25 per cent to Dh25.3 billion. This growth was driven by a robust performance in both passenger and cargo business. Passenger revenue increased by Dh4.2 billion, or 25 per cent compared to 2023, reflecting an enhanced network and increased capacity. Cargo revenue rose by 24 per cent compared to last year, fuelled by increased capacity and volume (12 per cent increase in cargo leg tonnes carried), alongside improved yields in the second half of the year. In 2024, the airline expanded its operations to over 1,700 weekly flights and increased frequencies on 25 routes over the past two years. It also launched more than 20 new destinations, such as Boston, Jaipur, Bali, and Nairobi, alongside summer hotspots like Antalya, Nice, and Santorini, with over 10 of these cities set to begin operations in 2025. The airline's operating fleet continued to expand with the addition of 12 aircraft, including the introduction of a new fleet-type, with six A320 NEOs, and the re-entry into service of its fifth A380. Etihad now operates the youngest and most fuel-efficient fleet in the region, supporting its ESG strategy to minimise carbon emissions while enhancing its service offerings. Throughout 2024, Etihad strengthened profitability and expanded margins through an optimised fleet and network, improved efficiency, and a continued focus on productivity. The airline continued to strengthen its network through 126 interline, codeshare, and strategic partnerships, including a landmark partnership with China Eastern, the first of its kind between a Middle Eastern and Chinese airline, and a strategic partnership with SF Airlines to boost logistics capacity and network reach. Etihad had further increased operational efficiency, with CASK and CASK ex-fuel decreasing by 3 per cent and 4 per cent respectively. Increased efficiency is also evident in costs related to central functions, which grew much lower than capacity.
