PHILIPPINES: Philippines’ Cebu Air Inc. has finalized the purchase of 16 long-range Airbus A330 neo jets worth $4.8 billion at list prices, the airline said on Monday.
The budget carrier, which operates 74 aircraft, mostly Airbus A320s, under the brand Cebu Pacific, is turning to larger and fuel-efficient jets for expansion, despite limited slots at the main gateway in the Philippine capital.
Scheduled to be delivered between 2021 and 2024, the 16 A330neo aircraft will be deployed on routes in the Philippines, Asia, Australia and the Middle East, Cebu Air said in a statement.
Reuters first reported that Cebu Air was close to buying A330neo or Boeing 787 aircraft in May.
In June, Cebu Air signed a signed a memorandum of understanding to acquire 16 A330neos, 10 A321XLRs and five A320neos, worth about $6 billion in total at list prices, during the Paris Air Show.
The new Airbus aircraft will cut fuel emissions and costs per seat, said Cebu Air Chief Executive Lance Gokongwei, adding that it would also help maximize seating capacity and the airline’s valuable slots in Manila and other major Asian cities.
Philippines’ Cebu Air signs deal for $4.8bn Airbus aircraft
Philippines’ Cebu Air signs deal for $4.8bn Airbus aircraft
- The budget carrier, Cebu Pacific, is turning to larger and fuel-efficient jets for expansion
- The new Airbus aircraft will cut fuel emissions and costs per seat
Taiba Investments profit rises 9% on stronger pilgrim-driven revenue
RIYADH: Saudi Arabia’s Taiba Investments Co. reported a 9.32 percent rise in annual profit to SR364.8 million ($97.20 million) as higher pilgrim flows lifted revenue to SR1.36 billion, a filing on Tadawul showed.
Net profit attributable to shareholders increased from SR333.7 million a year earlier, with earnings per share climbing to SR1.40 from SR1.28. Revenue rose 3.7 percent to SR1.36 billion in the year ended Dec. 31, compared with SR1.32 billion in 2024.
Taiba, a hospitality and real estate developer backed by the Kingdom’s sovereign wealth fund, Public Investment Fund, focuses on hotel and property assets primarily in the holy cities of Makkah and Madinah.
In a Tadawul filing, the company stated: “This growth was primarily driven by improved performance across the company’s segments in Makkah and Madinah, supported by higher numbers of visitors and Umrah pilgrims, the commencement of operations of new facilities, and increased revenues from the real estate segment.”
Taiba Investments reported that the SR31.1 million rise in net profit was mainly attributable to improved operating performance, the reversal of a litigation provision previously recognized in 2023 following the termination of a contractual relationship with one of the operators after a settlement between the parties, and capital gains realized from the expropriation of one of its properties in Madinah.
Total comprehensive income attributable to shareholders declined 55.53 percent to SR198.2 million from SR445.7 million.
Other comprehensive income recorded a loss of SR166.6 million, compared with a gain of SR111.9 million in the previous year, primarily due to a decline in the fair value of financial derivatives used for hedging and a decrease in the market value of certain investments measured at fair value through other comprehensive income.
Shareholders’ equity increased marginally by 0.04 percent to SR6.85 billion. Taiba's share price saw a 3.03 percent increase to SR34 by 10:20 am Saudi time.
