Abu Dhabi Aviation Co. PJSC, a United Arab Emirates-based operator of helicopters and airplanes, surged to the highest in 23 months after the company announced changes to its board of directors last week.
Abu Dhabi Aviation rose 38 fils, or 8.2 percent, to 5.02 dirhams on the Abu Dhabi Securities Market today, its highest since March 27, 2006. The shares have added 41 percent in five trading days.
``Investors believe the company has great potential and the board changes will help improve performance,'' said Motasem Mustafa, head of share trading at the National Bank of Abu Dhabi PJSC, in a phone interview from Abu Dhabi today.
Abu Dhabi Aviation announced Feb. 19 it had appointed Sheikh Tahnoon bin Zayed Al Nahyan as its new chairman and named former chairman Sheikh Hamdan bin Mubarak Al Nahyan as vice chairman and managing director.
``I think it's just speculation because there is no news to justify the recent jump,'' said Mahmoud Al-Borgi, head of investor relations at Abu Dhabi Aviation, in a phone interview.
The company, established in 1976 by the Abu Dhabi government, operates 46 helicopters and three airplanes and mainly supports the emirate's offshore oil, engineering and construction companies. Net income in 2007 jumped 50 percent to 75.7 million dirhams ($20.6 million) as revenue advanced 11 percent to 534.4 million dirhams. (Bloomberg)
Abu Dhabi Aviation rose 38 fils, or 8.2 percent, to 5.02 dirhams on the Abu Dhabi Securities Market today, its highest since March 27, 2006. The shares have added 41 percent in five trading days.
``Investors believe the company has great potential and the board changes will help improve performance,'' said Motasem Mustafa, head of share trading at the National Bank of Abu Dhabi PJSC, in a phone interview from Abu Dhabi today.
Abu Dhabi Aviation announced Feb. 19 it had appointed Sheikh Tahnoon bin Zayed Al Nahyan as its new chairman and named former chairman Sheikh Hamdan bin Mubarak Al Nahyan as vice chairman and managing director.
``I think it's just speculation because there is no news to justify the recent jump,'' said Mahmoud Al-Borgi, head of investor relations at Abu Dhabi Aviation, in a phone interview.
The company, established in 1976 by the Abu Dhabi government, operates 46 helicopters and three airplanes and mainly supports the emirate's offshore oil, engineering and construction companies. Net income in 2007 jumped 50 percent to 75.7 million dirhams ($20.6 million) as revenue advanced 11 percent to 534.4 million dirhams. (Bloomberg)
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