BERLIN: Airport operator Fraport expects passenger numbers at Frankfurt airport to rise around 5 percent this year, with Lufthansa and Ryanair set to bring the strongest growth in destinations and passenger volumes this winter.
Fraport has been wooing low-cost airlines to boost passenger numbers, although a row has broken out with its largest customer Lufthansa over discounts offered to Ryanair. The two are currently in talks over ways to bring down costs for Lufthansa, which also owns an 8.4 percent stake in Fraport.
Passengers numbers at Frankfurt rose 6.3 percent in October, taking year-to-date growth to 4.8 percent, Fraport said as it reported in-line third-quarter core profit.
“We are also achieving solid growth in Frankfurt again, where we made the necessary strategic decisions at the right time,” Fraport Chief Executive Stefan Schulte said in a statement.
Still, low-cost carriers currently account for only 2.8 percent of traffic at Frankfurt. The DLR German aerospace center said in a study last month that low-cost carriers made up 25 percent of traffic from German airports this summer.
Fraport on Thursday reported third-quarter earnings before interest, tax, depreciation and amortization of €387.7 million, in line with the average estimate in a Reuters poll.
However, net retail revenue per passenger at Frankfurt dropped 4.7 percent to €3.02 in the quarter, which Fraport said was partly due to the euro’s strength against some currencies but also because it saw a stronger increase in European traffic in the period. Customers on European routes tend to spend less than long-haul passengers.
Fraport maintained a forecast for 2017 core profit of about €980 million to €1.02 billion. Analysts on average expect €1.013 billion, down 3.9 percent on last year.
Lufthansa, Ryanair to drive Frankfurt passenger numbers this winter
Lufthansa, Ryanair to drive Frankfurt passenger numbers this winter
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
