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 * Aerospace & Defense


EMIRATES GROUP'S AIRPORT, TRAVEL UNIT DNATA LOOKING AT M&A DEALS

By Reuters
May 14, 20247:03 PM GMT+3Updated 5 days ago
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Item 1 of 2 Dnata staff load cargo into a plane on the tarmac of Cointrin
Airport in Geneva, Switzerland April 1, 2020. REUTERS/Denis Balibouse/File Photo
[1/2]Dnata staff load cargo into a plane on the tarmac of Cointrin Airport in
Geneva, Switzerland April 1, 2020. REUTERS/Denis Balibouse/File Photo Purchase
Licensing RightsNew Tab, opens new tab
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DUBAI, May 14 (Reuters) - Emirates Group's dnata, which provides airport and
travel services in over 30 countries, is looking at merger and acquisition (M&A)
opportunities across several businesses and geographies, including South
America, its CEO said on Tuesday.
"We are probably, at any time, talking to 40 different companies" and "plenty"
of deals are "at the end of the pipeline", Chief Executive Steve Allen told
Reuters, noting the company focuses on small to medium size acquisitions.
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South America is "a huge growth market opportunity" he said, mentioning
countries such as Brazil. He added that globally there was significant scope for
consolidation in airport ground handling.
Founded in 1959, dnata is a sister company to Emirates airline. Its operations
include supplying airlines with catering and handling baggage and cargo. It also
owns companies that sell holiday packages and provide retail and corporate
travel booking services.
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Dnata's profit in the year ended March 31 more than quadrupled to 1.4 billion
dirhams ($381.2 million), according to the Emirates Group annual report released
on Monday.
Dnata's revenues, which climbed nearly 30% to 19.2 billion dirhams, were boosted
by more flights and travel globally.
Allen told reporters the results were also helped by long-terms business
contracts that dnata renegotiated recently to factor in higher wage rates and
food costs.

He said the financial impact of the huge storm that hit the United Arab Emirates
last month, which brought Dubai's airport to a standstill and led to hundreds of
flight cancellations, "was not too significant". Any impact would be reflected
in its current fiscal year, which started in April.
Emirates Group reported a 71% surge in annual profit to a record 18.7 billion
dirhams and said it would pay its owner, Dubai's sovereign wealth fund ICD, a
dividend of 4 billion dirhams.
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Several companies including Parkin (PARKIN.DU)New Tab, opens new tab and Dubai
Taxi Corporation (DTC.DU)New Tab, opens new tab have gone public as part of the
Dubai government's privatisation programme aimed at listing state-linked
companies and boosting the local stock exchange.
Asked about potential IPO plans for dnata, Allen said that the firm was "a
profitable, strong company", but it was up to the government to decide on any
listing.
"On the other hand, aviation is absolutely at the heart of the success of Dubai,
and therefore maybe you want to keep more control over aviation. So I can see
the pros and cons," he added.

($1 = 3.6728 UAE dirham)

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Reporting by Federico Maccioni Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.New Tab, opens new tab

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