SriLankan Airlines could be a target for takeover by carriers in the Gulf once it is privatised, after making an operating profit for the first time in 15 years, its chief executive has told The National.
Richard Nuttall also suggested that Gulf operators could substantially benefit from the airline's easy access to its Asian neighbour. “The big prize for everybody is India,” he said.
He suggested that Emirates, which previously owned 40 per cent of SriLankan, might be among those carriers who respond to the Colombo government's wish to privatise the airline.
It was part-owned by Emirates for 10 years until the Sri Lankan government bought all the airline's shares in 2008. In that year SriLankan made a profit of nearly $30 million but under government administration over the next seven years it lost $875 million.
Asked if the Dubai-based airline was among likely bidders Mr Nuttall said he could not “speak for either Emirates or anybody else in the Gulf” but the government’s plan was “to look for expressions of interest in the coming months and they want to do that fast”. SriLankan Airlines has had no discussions with potential bidders or knowledge of their strategies.
SriLankan has been severely impacted by a triple hit: the collapse in tourism during the Covid-19 pandemic, the 2019 Isis-co-ordinated Easter suicide bombings and last year’s financial ructions.
Despite the turmoil Mr Nuttall, who has worked for eight airlines, has taken the company into an operating profit that could have been significant if not for the large debts he inherited.
“Essentially, on a $1 billion turnover the business made $100 million profit,” he said. “But we then had to pay almost all our profit on finance charges. But the essential thing that we've got here is an airline that works and over time should definitely make money.”
The profit means that for the first time since it was managed by Emirates in 2008 it has not been in the red.
Income could be further enhanced with an ambition to double the fleet from 23 aircraft to 40 in the next three to five years.
Significant rewards then await with the India market a vastly untapped resource, argued the 57-year-old chief executive from Yorkshire, England.
“The big prize for everybody is India,” he said speaking at his office in Colombo. “If you work with us then you start being relevant to the Indian market in all directions. So, I think that's the big interest for the Gulf carriers.”
Despite being the world’s most populous nation of 1.4 billion, India has just 0.5 commercial aircraft per million people whereas China has three and American 30.
With the wait for new commercial aircraft stretching to five years, having a partnership with a major airline would bring significant benefits to help exploit the vast India market.
“We are right next door to the most populous country in the world,” Mr Nuttal said. “If we get an airline investment then that can help us with buying power or assistance with expertise in certain areas.”
While Gulf buyers are a possibility, Indian media have also reported that the major industrial conglomerate Tata Enterprises is a potential investor after its recent purchase of Indian Airlines.
Mr Nuttall, who has previously worked for Saudi Airlines and Royal Jordanian, suggested the alliance could be a useful fit given Sri Lanka’s proximity to India and its understanding of its culture. The airline also serves 14 Indian cities.
He said Sri Lanka, with its vast unspoilt shoreline, was “the closest international friendly beach to India by a long way”.
The airline would also offer a Gulf carrier a significant hub in southern Asia for onward flights to China, Australia and south-east Asia.
Mr Nuttall pointed out that customers in India who wish to fly east currently have to “backhaul” three or four hours to the major hubs of Mumbai or Delhi on the west coast before heading eastward again.
“Essentially we give you a hub in the south-east so you become more relevant in more directions for more cities.”
Last year Sri Lanka's newly appointed prime minister Ranil Wickremesinghe pledged to privatise the airline as it was still making a loss.
“Even if we privatise SriLankan Airlines, this is a loss that we must bear, even by the poor people of this country who have never stepped on an aeroplane,” he said.
However, in a meeting this year SriLankan Airlines chairman Ashok Pathirage said in the past three years “we have not received any money from the Treasury, we did not take even one dollar”.
It is understood that the government will decide on privatisation steps in the coming year.
The main revenue sources for SriLankan are the country’s significant diaspora in the UK, Australia and the Middle East, as well as the Indian market.
It also has the major attraction that the airline's host country is as a tourist destination unspoilt by major development and with a very welcoming population.
“I've never had anywhere where so many people have said, ‘Wow, the best holiday I ever had was in Sri Lanka,’” said Mr Nuttall, who is married with two teenage children. “The people here are interested, they smile, making it so much more personable with much more human interaction that elsewhere.”
The new Sri Lankan government wants him to regrow the airline to pre-Covid levels “and then see what a potential buyer might want beyond that”.
While it flies to 126 destinations in 61 countries, including direct routes to Melbourne, London and Dubai, Mr Nuttall is looking to have three daily flights to top Gulf and European destinations.
Part of the expansion plans are also to build a new terminal in Colombo, allowing the airport to double passenger numbers.
“If we have more frequency, then we're a stronger product and we can stimulate more tourism,” Mr Nuttall said.
This he hopes could get the country back to its 2018 numbers of three million visitors a year.
An Emirates spokeswoman said: “Emirates can confirm that it has no plans to purchase a stake in other airlines. We are focussed on growing organically, and through strategic network partnerships.”
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE v Zimbabwe A, 50 over series
Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai
UAE currency: the story behind the money in your pockets
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
RESULTS
4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
if you go
The flights
Emirates offer flights to Buenos Aires from Dubai, via Rio De Janeiro from around Dh6,300. emirates.com
Seeing the games
Tangol sell experiences across South America and generally have good access to tickets for most of the big teams in Buenos Aires: Boca Juniors, River Plate, and Independiente. Prices from Dh550 and include pick up and drop off from your hotel in the city. tangol.com
Staying there
Tangol will pick up tourists from any hotel in Buenos Aires, but after the intensity of the game, the Faena makes for tranquil, upmarket accommodation. Doubles from Dh1,110. faena.com
TOURNAMENT INFO
2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Thursday results
UAE beat Kuwait by 86 runs
Qatar beat Bahrain by five wickets
Saudi Arabia beat Maldives by 35 runs
Friday fixtures
10am, third-place playoff – Saudi Arabia v Kuwait
3pm, final – UAE v Qatar
MATCH INFO
Uefa Champions League semi-final, second leg
Roma 4
Milner (15' OG), Dzeko (52'), Nainggolan (86', 90 4')
Liverpool 2
Mane (9'), Wijnaldum (25')
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
The specs: 2018 Mitsubishi Eclipse Cross
Price, base / as tested: Dh101,140 / Dh113,800
Engine: Turbocharged 1.5-litre four-cylinder
Power: 148hp @ 5,500rpm
Torque: 250Nm @ 2,000rpm
Transmission: Eight-speed CVT
Fuel consumption, combined: 7.0L / 100km
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
Warlight,
Michael Ondaatje, Knopf
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
COMPANY%20PROFILE
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Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
BRAZIL%20SQUAD
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