Latest news with #LCC
Zawya
8 hours ago
- Business
- Zawya
Flyadeal announces impressive 2025 half year performance topped by global No.1 ranking for operational punctuality
Six-month highlights include first ever widebody aircraft order Jeddah, Kingdom Of Saudi Arabia – flyadeal, Saudi Arabia's fast-growing low-cost carrier (LCC), has announced half-year performance figures that exceeded growth expectations with milestones and achievements topped by becoming the world's most punctual airline in June. Compared with the first half of 2024, the six months to June 2025 saw flyadeal passenger numbers increase 25% to just over five million which outstripped the 21% seat capacity growth. With 33,400 flights operated – 200 daily for the first time since flyadeal's inception in 2017 – thanks largely to a near 60 per cent increase in the number of routes flown during the six months, the airline surpassed the industry average for best On-Time Performance of any low-cost Middle East airline for six consecutive months. In June, flyadeal was acclaimed for being the world's most punctual airline achieving 91.77% operational performance based on flights within 15 minutes of scheduled arrival. Operational highlights for January – June 2025 over the same period in 2024 Number of passengers carried rose 25 per cent to 5.05 million Seat capacity increased 21 per cent Total flights operated were up 20 per cent to 33,400 Number of routes flown went up 57 per cent to 127 from three bases in KSA Fleet grew by five aircraft to 39 Most punctual airline in the world with On-Time Performance peaking at 91.77% Six consecutive months as best Mid East low-cost airline for punctuality Launched scheduled flights to Pakistan signaling first move into South Asia Key milestones and achievements in H1 2025 Joined sister airline Saudia's AlFursan loyalty scheme for members to earn and redeem miles on flyadeal flights Historic order for 10 Airbus A330 widebody aircraft for long-haul flying Graduation of first 10 of 150 cadet pilots under new Saudi government scholarship programme flyadeal announced Saudi cabin crew to be trained as certified tour guides in ground-breaking regional initiative flyadeal joined industry body International Air Transport Association Headcount rose 21% to 1,600 employees Steven Greenway, flyadeal Chief Executive Officer, commented: 'The 2025 first-half performance demonstrated flyadeal's ongoing commitment to growth in both passengers flown and available seat capacity. But more importantly our business evolved in areas with continued focus on core values of operating at low-cost airline, at high efficiency and with service excellence. 'With the number of routes flown increase by almost 60% compared with the six corresponding months of 2024, we achieved 200 daily flights for the first time in June. As the fleet reached 39 aircraft, our milestone 40th has just been delivered in July giving us more capacity to increase frequency on existing services and add new destinations.' He added: 'Achieving status as the world's most punctual airline in June was indicative of our commitment to operational excellence while increasing capacity. The introduction of scheduled flights to Karachi in Pakistan – our first move into South Asia – and the addition of Istanbul's second airport of Sabiha Gökçen and Alexandria as our fourth year-round destination in Egypt, is evident of our approach to introduce new markets and strengthen existing ones. 'As we look forward to the coming months of boosting our network including adding Islamabad, Sialkot and Peshawar to boost our Pakistan operations, we are on course for year-end to reach another milestone of 40 million passengers carried since our very first flight. 'We will continue to invest in increasing our personnel across all departments which has already touched 1,600 and on target to triple the number by 2030. This will include onboarding more Saudi First Officers trained through a cadet pilot initiative that began in February under the Saudi government's scholarship programme that will see 150 trainees undergo training over the next two years.' Greenway explained that joining sister airline Saudia's AlFursan loyalty programme, securing a first-ever strategic airline partnership with the Philippines' LCC Cebu Pacific for a two-way wet-leasing aircraft arrangement, and placing a historic order for Airbus A330 widebody aircraft to enter the long-haul scheduled market, showed how flyadeal was evolving its LCC business model into other areas yet maintaining its low-cost principles. flyadeal currently operates a fleet of 40 aircraft from bases in Riyadh, Jeddah and Dammam to more than 30 year-round and seasonal destinations in the Middle East, North Africa, Europe and South Asia. By 2030, in line with Saudi Vision 2030, flyadeal expects to triple its network to over 100 destinations and more than 100 aircraft. About flyadeal On 23 September 2017, National Day of the Kingdom of Saudi Arabia, flyadeal began operations with its historic maiden flight from Jeddah to Riyadh. A pioneer and innovator, flyadeal was the first regional low-cost airline to be launched only across digital distribution channels. Being the sister airline of full-service national carrier Saudia — both under the umbrella ownership of Saudi Arabian Airlines Corporation (Saudia Group) — flyadeal was created for the price-conscious and tech-savvy consumer in mind in a market where 80 per cent of the Saudi population is aged less than 40 years and has at least two mobile phones. flyadeal aims to stimulate travel, tourism and trade with its affordable, value for money everyday fares catering to leisure, religious, family and business travellers. Simplicity is key with an all-Economy Class cabin across flyadeal's narrowbody fleet. With the Kingdom undergoing dramatic transformation through its Vision 2030 economic diversification drive, aviation and tourism are among the many sectors earmarked for dynamic growth. flyadeal is the fastest growing airline in the Kingdom of Saudi Arabia and Middle East, recognised for excellence in on-time performance that is consistently above the global industry average. In May 2024, flyadeal placed its biggest ever order for 51 aircraft – 12 A320neos and 39 larger A321neos – with a delivery schedule beginning in 2027. In addition, flyadeal will operate long-haul scheduled services from 2027 with the phased induction of 10 Airbus A330neo widebody aircraft ordered by Saudia Group in April 2025. flyadeal's aggressive expansion drive makes the rapidly growing airline one of the country's most desirable companies to work for. For more information, please contact: Updesh Kapur Corporate Communications Department Email:
Business Times
22-07-2025
- Business
- Business Times
UOBKH initiates coverage on Lum Chang Creations with 'buy' call on strong growth outlook
[SINGAPORE] UOB Kay Hian (UOBKH) has initiated coverage on Lum Chang Creations (LCC) , assigning the interior fit-out business a 'buy' call and a S$0.39 price target on Monday (Jul 21), the day it debuted on the Singapore Exchange's Catalist board. The price target represents an upside of 56 per cent from LCC's initial public offering (IPO) price of S$0.25 a share and of 27.9 per cent from its Monday closing price of S$0.305. UOBKH analyst Heidi Mo wrote in a Monday report that LCC is set for robust financial performance, given a strong growth outlook and visible pipeline of projects. 'Backed by a robust orderbook of S$123 million, the company's earnings per share is expected to grow remarkably at 144 per cent and 12 per cent in FY2025 and FY2026 (respectively), driven by higher demand from conservation and interior fit-out works from the government's increasing commitment to protecting local heritage,' Mo wrote. Contracts worth around S$34 million awarded in the first five months of 2025 will likely be fulfilled in the next three months to two years, she said. LCC's orderbook is expected to grow further to S$146 million in FY2027, reflecting a 'positive outlook'. 'Furthermore, LCC has committed to paying out not less than 30 per cent of its net profit after tax attributable to shareholders in ... FY2025 and FY2026, implying a decent 4.9 per cent dividend yield for shareholders in FY2026,' Mo wrote. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Tailwinds on urban revitalisation specialist industry outlook LCC looks set for 'robust earnings growth', driven by a positive outlook for the urban revitalisation specialist (URS) industry, Mo said. This comes as the URS industry is expected to grow at a 6.8 per cent three-year compound annual growth rate, from a range of S$380 million to S$450 million in 2024 to a range of S$470 million to S$550 million in 2027. Growth drivers include the government's commitment to protecting local heritage, an uptrend in adaptive reuse of heritage buildings, an increase in conservation projects and robust growth in Singapore's economy and construction industry, Mo said. Additionally, LCC is a dominant player in the relatively niche URS industry, holding an estimated 15.7 per cent market share, according to research firm Converging Knowledge. Mo highlighted the group's strong project track record – it has won contracts for the National Museum of Singapore and several Orchard Road conservation shophouses, and clinched the Urban Redevelopment Authority's Architectural Heritage Award for Conservation and Innovation for its work on St James Power Station, a national monument. Future expansion plans Mo also drew attention to LCC's regional expansion plans to grow its business in Singapore and Malaysia as well as venture into new markets in neighbouring countries. The company intends to enter the high-end residential space by expanding its interior fit-out and addition and alteration business in high-end landed residential properties. It plans to do so through its subsidiary, Lum Chang Decor, which specialises in renovation contracting services and holds a General Builder Class 1 license, Mo said. Additionally, it is eyeing strategic partnerships with plans to explore acquisitions, investment opportunities, strategic alliances and joint ventures targeting complementary businesses in Singapore or overseas, she said.
Business Times
18-07-2025
- Business
- Business Times
Lum Chang Creations' public offer of 1 million shares 47.3 times oversubscribed
[SINGAPORE] Urban revitalisation specialist Lum Chang Creations (LCC) has drawn strong investor interest for its initial public offering (IPO), with one million offer shares approximately 47.3 times oversubscribed by retail investors. At the close of the public offer at noon on Thursday (Jul 17), the company received 599 valid applications for the one million offer shares. These applicants applied for an aggregate of 47.3 million shares, and application monies received amounted to approximately S$11.8 million, LCC said in an announcement on Friday. RHT Capital is acting as the sponsor and issue manager, while CGS International Securities Singapore is the underwriter and placement agent for the offering. The company had offered 49 million shares at S$0.25 each. Its shares will begin trading on the Singapore Exchange's Catalist board next Monday. The 48 million shares offered under the placement tranche, managed by CGS International Securities Singapore, were fully subscribed with application monies received totalling S$12 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Based on valid applications for all 49 million invitation shares, the overall IPO was approximately two times subscribed. LCC noted that the offering has received robust interest and commitment from various investors including institutional investors such as Lion Global Investors, Nikko Asset Management Asia and ICHAM Master Fund VCC. This highlights company's growth potential in the urban revitalisation sector of Singapore. LCC was spun off from mainboard-listed property developer Lum Chang Holdings following an internal restructuring completed in June. It specialises in urban revitalisation projects through conservation, restoration, interior fit-outs as well as addition and alteration works. It also provides aftercare services for certain retail projects, and manufactures wood furniture as well as fixtures for retail customers. Well-positioned LCC's IPO has successfully raised total gross proceeds of S$12.25 million, including S$8.75 million from new shares and S$3.5 million from vendor shares. Based on the invitation price and the post-invitation share capital of the company of 315 million shares, its market capitalisation now stands at S$78.75 million. 'This invitation will enable us to strengthen our capabilities and expand our market presence at a time when there is a robust outlook for private sector projects in Singapore's construction industry and promising prospects in the urban revitalisation specialist industry driven by the government's commitment towards enhancing and protecting local heritage and promotion of adaptive reuse initiatives,' said LCC managing director Lim Thiam Hooi. He also believes LCC is well-positioned to capitalise on emerging opportunities arising from initiatives such as the National Heritage Board's Our SG Heritage Plan 2.0, which includes plans for modernist building conservation and the potential designation of Singapore's second Unesco World Heritage Site. Lim previously told The Business Times that he sees this period as an opportune time to list, given that LCC is scaling rapidly and entering a more mature phase of growth. He had also shared that net proceeds from the IPO are expected to support LCC's growth plans, improve its visibility and allow the company to operate more independently. The company's board of directors intends to recommend dividends of not less than 30 per cent of the group's net profit attributable to shareholders in each of the financial years ended Jun 30, 2025 and 2026.
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Business Standard
15-07-2025
- Business
- Business Standard
Ambit bullish on InterGlobe as India's aviation sector gains altitude
InterGlobe aviation share price today: India's aviation sector has not been on the best ground lately, owing to sectoral headwinds and liquidity challenges resulting from the capital-intensive nature of the sector. However, with the government's rising focus on airport infrastructure, favourable demand-supply dynamics and a robust order book, the old playbook of India's aviation industry might change. Ambit has initiated coverage on InterGlobe Aviation (IndiGo) with a double-digit upside estimated and a 'Buy' rating. The aviation firm is planning to invest heavily in aerospace parts by utilising cash effectively. On top of this, InterGlobe (IndiGo) is also making a switch from low-cost carrier (LCC) to a hybrid model by launching a premium offering on select routes. Both of these factors have prompted the brokerage firm to take a bullish outlook on IndiGo and its ability to maintain the market share. For India's aviation sector, as a whole, data figures paint an optimistic image. Between financial year 2013-14 (FY14) and FY24, domestic passenger traffic in India grew at a compound annual growth rate (CAGR) of 9.7 per cent, outpacing international passenger traffic, which saw a 4.5 per cent CAGR. In FY24, the passenger load factor hit a decadal high of 88 per cent, surpassing pre-covid levels. That apart, domestic carriers currently hold a record-high aircraft order book of over 2,000 planes, accounting for 14 per cent of the global order books of Airbus and Boeing. With the number of airports projected to rise to 300–350 by 2047, India's aviation sector is poised for an unprecedented phase of expansion, according to the brokerage firm Track Stock Market LIVE Updates Gift City to fuel growth Despite strong growth prospects, India's aviation industry continues to favour the LCC model. This is mainly due to the country's price-sensitive market. While two full-service carriers (FSCs), Kingfisher and Jet Airways, once had a presence, it's been over a decade since they exited the market owing to intensified competition from LCCs. Meanwhile, the largest remaining FSC, Air India, has since been privatised and Vistara has now merged with it. Keeping in view the high capital-intensive structure of the aviation industry, leasing becomes a key strategy for airlines. At the global front, Ireland and China are already among the leading players when it comes to aircraft leasing. As for India, the nation is building its very own leasing hub within the GIFT City International Financial Services Centre (IFSC). A domestic leasing ecosystem gives airlines better control over lease terms, reduces forex risk and supports growth in both aviation and MRO sectors. Also, not ignoring the job prospects. That said, the momentum is already quite visible in figures. As of January 2025, 33 lessors had registered at GIFT IFSC, enabling the lease of over 60 aircraft, including jets, helicopters and engines. Watching the China playbook India and China, having the tag of largest population size, are among the top domestic aviation markets in the world (just behind the US). While China's aviation industry is much larger and mature as compared to that of India, Ambit believes that India's low per capita trip rate leaves room for higher growth prospects in the sector. "By accelerating infrastructure, expanding fleets, reducing costs, boosting international routes, developing talent and adopting technology, India can close the gap, potentially matching China's passenger volume by the next decade. Sustained execution and economic growth are critical to rival China's scale," the brokerage firm said. Strong upside on InterGlobe Aviation Ambit has initiated coverage on InterGlobe Aviation with a 'Buy' rating, with the target price of ₹7,000 from the current market price (CMP) of ₹5,840. This implies a robust double-digit upside of 20 per cent. So far this calendar year, the shares of the aviation firm have experienced a strong rise of over 30 per cent. "Increasing codeshare agreements and a strong network put IndiGo in sweet spot to capture growing share of inbound/outbound traffic. IndiGo is strategically expanding into underserved Asian markets by launching routes to less-frequented destinations like Almaty, Baku, Tashkent, Tbilisi, Jakarta and Nairobi, aiming to capture growing demand in areas with minimal competition," the brokerage noted.
Straits Times
13-07-2025
- Sport
- Straits Times
Philippines silence critics with Lion City Cup triumph, Singapore finish second
Sign up now: Get ST's newsletters delivered to your inbox Captain Alexander Peter Lomibao lifting the trophy as the Philippines are crowned boys' champions of the 2025 Lion City Cup at Jalan Besar Stadium on Jul 13, 2025. SINGAPORE – The Philippines reigned supreme at the Lion City Cup (LCC), defeating Cambodia 3-1 at the Jalan Besar Stadium on July 13 to lift the Under-16 boys' trophy. With two wins and a draw, they topped the four-team group with seven points, one above hosts Singapore who beat Hong Kong 4-1 in the latter match. While the triumph will undoubtedly boost the team's morale going forward, Player of the Match and tournament top scorer Aaron Thomas Long said that winning the LCC was motivation long before a ball had even been kicked. 'There's people on social media who were trying to speak bad about us and we had to clear that out of our minds and play to prove them wrong,' said the 16-year-old. 'People from our home country (were) talking bad about players selected from specific areas and that it seemed unfair. It's a dream come true to prove each and every single one of them wrong.' Coach Tetsuya Tsuchida believes his players deserve to win the tournament, adding: 'The players (put in) really hard work to get these results.' However, they got off to a sluggish start. Cambodia, who were winless and goalless after two games, finally got on the scoresheet after just three minutes. Top stories Swipe. Select. Stay informed. Singapore Govt will continue to support families, including growing group of seniors: PM Wong at PCF Family Day Singapore From Normal stream to Parliament: 3 Singapore politicians share their journeys World Israeli strikes kill over 40 as truce talks deadlocked, says Gaza civil defence Singapore Segregated recycling bins found to lower contamination rate as more spring up Asia Mahathir discharged from hospital after feeling fatigued during birthday gathering Business 29 Jollibean workers get help from MOM, other agencies, over unpaid salaries Singapore Medics treat 7 after blaze at HDB block lift lobby in Chai Chee Singapore I lost my daughter to Kpod addiction: Father of 19-year-old shares heartbreak and lessons Lor Nosya's long-distance curler bounced off the bar but Chhay Chharat ensured the Cambodians would not be denied, beating goalkeeper Reign Lewis Deomampo to the rebound and heading the ball into the net. But that lead did not last long. Aaron won the ball high up the pitch and lashed in a left-footed shot for the equaliser in the 14th minute. Despite that, Cambodia looked the better team, taking up more of the possession. They impressed going forward with their confident build-up play but looked shaky defensively. With half-time approaching, they were exposed once again in the 41st minute when Aaron's flighted through-ball caused confusion inside the box. Goalkeeper Chhea Vuthy came rushing off his line, but the ball instead found Francis Benedict Poticano, whose shot trickled into the corner to turn the game on its head. The Philippines made three substitutions at the break to keep the pressure on their opponents who were desperately pushing for their second goal. Cambodia coach Nicolas Grezault said his team 'controlled the game for 70 minutes' but were punished for their wasteful finishing by Aaron. The striker, who was a thorn in Cambodia's side, caught substitute Filbert Martin Tacardon's cross sweetly on the half volley to bag his second goal and Philippines' third in the 75th minute. He finished as the top scorer with three goals in as many games. The latter game between Singapore and Hong Kong was played in front of a raucous crowd of 1,383 supporters, who were in full song. The Philippines' victory earlier meant Hong Kong had to beat the hosts by three goals to stand a chance of winning the LCC. They were unable to do so as they fell to a 4-1 defeat. Goals from Ariq Rizzuwan (22nd minute), Lukyan Tan (31st), Izzan Rifqi (69th) and Aidan Irfan (84th) helped the Cubs win their second game of the tournament, while Hong Kong, who scored a 48th-minute penalty through Eden Tung, were left to rue defensive errors and Uriel Contiero's 45th-minute red card. Singapore coach Ashraf Ariffin said: 'Whatever we ask from them, they delivered... One or two might lose focus, but there's three or four that are covering up.' He added that their opening 2-0 defeat by the Philippines was a 'glitch' but the team showed their potential, with the 3-0 win over Cambodia showing progress, and 4-1 victory over Hong Kong displaying the 'consistency that we want to develop and really improve in every step of the way'. He hopes the team will get more exposure at this level, with the U-17 Asian Cup qualifiers looming in November, but 'the big goal is to develop them into seasoned international players'.
