AVIATION-

Kuwaiti low cost airline and freight service providerJazeera Airways’ net income dropped 39.7% y-o-y in 1Q 2023 to KWD 2.3 mn (USD 7.48 mn), according to the company’s earnings presentation (pdf). The airline’s revenue for the quarter rose 35.2% y-o-y to KWD 48.3 mn, underpinned by a 56.6% y-o-y uptick in passenger traffic to 1.1 mn passengers. Cargo revenues also contributed to the airline’s topline, coming in at KWD 536k, a 31.3% y-o-y increase. Despite high fuel prices, the airline has added new destinations to its routes including Moscow and Samarkand.

Looking forward: The airline has also announced new destinations for 2Q including Larnaca, Tirana, and Belgrade, and will resume flights to Prague and Sarajevo in the summer. The airline is also making four new additions to its fleet by the end of 4Q 2023.

ENERGY-

Global shipping and logistics services provider GAC has installed 550 solar panels on its warehouse roof in Bahrain, according to a company press release. An expected annual output of 487k kWh could reduce CO2 emissions from the facility by 485 tons and make 195 tons of standard coal savings in the first year.

M&A-

Abu Dhabi Aviation effectively merges into ADQ Aviation: Abu Dhabi Aviation's shareholders approved issuing of mandatory convertible bonds valued at AED 4 bn to ADQ Aviation and Aerospace Services LLC, according to an ADX disclosure. The transaction will see ADQ Aviation transfer 100% of the issued share capital of Advanced Military Maintenance Repair and Overhaul Centre (AMMROC) and Etihad Airways Engineering (EYE), and 50% of the issued share capital of Global Aerospace Logistics (GAL) to Abu Dhabi Aviation. The bonds will convert into 652 mn Abu Dhabi Aviation shares at a conversion ratio of 6.14 for each new share. The issued share capital of the company will be increased to AED 1.1 bn, with the deal expected to finalize in 2Q 2023. The new shares will be listed on the ADX before 30 June.

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  • AP Moller-Maersk opened a new corporate office at SOHAR Freezone in Oman,expanding its presence in the country with its third office after Muscat and Salalah. (Company statement)
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