Air Arabia profits soared in the first quarter of the year, even with the price of oil at historically high levels.
As oil prices enter a tailspin this week, Air Arabia might be able to repeat the same trick, analysts said.
The airline reported on Sunday that it generated quarterly net profits of Dh47.6 million, an increase of 11.6 per cent compared with the same period a year earlier.
Revenues rose by 21.1 per cent during the same period to Dh621.9m. With the company's earnings beating market estimates, Air Arabia's shares increased 1.8 per cent to 60.3 fils each in trading yesterday, compared with a rise of 0.2 per cent on the wider Dubai Financial Market General Index to 1,564.15.
Oil prices have fallen during six of the past seven trading sessions, with Brent crude futures falling 25 cents yesterday to $112.93 per barrel.
During the first quarter, the European benchmark averaged $118.45 per barrel.
Crude slumped as a result of weaker than expected employment data from the United States, and has been depressed further by recurrent market anxieties over Europe, following elections in France and Greece that have punished pro-austerity parties.
However, the benefits to Air Arabia would only be sustained if oil remains at lower prices.
"There has to be a sustained trend, not just a day-to-day movement," said Samir Murad,an analyst at NBK Capital. "If that happens and the easing in the oil price continues, that'll be a positive."
Air Arabia benefited from higher numbers of travellers but also appears to have successfully hedged the increase in fuel costs.
The airline had previously been struggling with high oil prices, which it had been unable to pass on to its customers, Mr Murad added.
ghunter@thenational.ae
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3ETribute%20Games%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Dotemu%3Cbr%3E%3Cstrong%3EConsoles%3A%20%3C%2Fstrong%3ENintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20One%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
