Abu Dhabi Aviation at two-year high

Abu Dhabi: Abu Dhabi Aviation Co PJSC, a UAE-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 per cent, to Dh5.02 on the Abu Dhabi Securities Market yesterday, its highest since March 27, 2006. The shares have added 41 per cent 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. Abu Dhabi Aviation announced on February 19 it had appointed Shaikh Tahnoon Bin Zayed Al Nahyan as its new chairman and named former chairman Shaikh 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. The company, established in 1976 by the Abu Dhabi Government, operates 46 helicopters and three aeroplanes and mainly supports the emirate’s offshore oil, engineering and construction companies. Net income in 2007 jumped 50 per cent to Dh75.7 million ($20.6 million) as revenue advanced 11 per cent to Dh534.4 million. Source : Bloomberg