NAS Holding appoints mew group CEO

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Updated 03 February 2015
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NAS Holding appoints mew group CEO

The National Air Services Group (NAS Holding) announced the appointment of Bandar Al-Muhanna as CEO of the group, replacing Sulaiman Al-Hamdan, former CEO of the group.
Ayed Al-Jeaid, chairman of the board at NAS Holding, said: "We extend our warmest congratulations to Al-Hamdan for the expression of royal trust manifested in his appointment as president of the General Authority for Civil Aviation (GACA) and would like to wish him all the success in his new position. This follows a successful journey filled with achievements at NAS Holding, where he successfully served as CEO of NAS Holding Group and leading a team of experts to build the group and turn it into one of the strongest emerging aviation companies in the region."
He added: "We’re also pleased to congratulate Al-Mohanna on his appointment as CEO of NAS Holding as the right person for this job. Since his appointment as CFO at NAS Holding in 2006, he was able to lead his team to realize the group’s vision and take it into new heights. Al-Mohanna is capable to lead NAS Holding Group toward continuous growth and development, which enabled him to assume the role of president in 2007, and then to the position of deputy CEO of the group. It is certain that his appointment as CEO will enable him to deploy his leadership skills in full capacity to propel the group forward,” Al-Jeaid said.
Al-Mohanna said: “I extend my deepest thanks and appreciation to the members of the distinguished board of directors for their trust. This is a big honor for me to be appointed to this important position, and I ask the Almighty Allah to help me to continue the successes and achievements of Al-Hamdan."
Al-Mohanna added, “We will seek to strengthen the excellent reputation enjoyed by the NAS Holding Group companies in the Saudi market and the world, with the support of all employees of the group and its companies, whom I am certain will do their best in assisting me on the success of my new mission."
In his previous role as deputy CEO, Al-Mohanna managed key companies under the NAS Holding Group, including flynas, the Saudi national carrier, and NasJet, the largest and fastest growing private aviation company in the Middle East in addition to flynas Haj and Umrah.
Al-Mohanna has a wealth of experience and has played a pivotal role in the development and growth of key companies and brands under the NAS Holding umbrella, especially flynas. In addition to that and due to his vast experience, he was able to successfully implement successful growth plans a strategic effectively enabling him to positively contribute to the operational excellence achieved by flynas.
Al-Mohanna has a master’s degree in and actuarial and financial math from University of Michigan Ann Arbor and another master’s degree in business administration from the American University in Washington DC, a bachelor of arts in accounting from King Saud University in Riyadh as well as a certificate of advanced management from Harvard University.


Emirates Airline half-year profit slides 86% on oil hike

Updated 15 November 2018
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Emirates Airline half-year profit slides 86% on oil hike

DUBAI: Emirates Airline on Thursday posted an 86 percent drop in half-year profits as the Middle East's leading carrier was hit by a hike in oil prices and currency devaluations.
The Dubai-based airline in a statement its net profit in the six months to September 30 was also impacted by other challenges and expected tough months ahead.
Emirates said it recorded a profit of just $62 million in the first half of the 2018-2019 fiscal year compared with $452 million in the same period last year.
"The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately 4.6 billion dirhams ($1.25 billion) from our profits," said Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Group.
Emirates, one of the world's biggest airlines, said fuel costs rose by 42 percent compared with the same period last year.
The company, which flies to more than 150 destinations, said the cost of fuel amounted to a third of its expenses.
Emirates is the world's largest operator of Airbus A380s with more than 100 of the superjumbos in its fleet.
"The next six months will be tough, but the Emirates Group's foundations remain strong," Sheikh Ahmed said in a statement.
In the six months to September 30, the airline carried 30.1 million passengers, a rise of three percent on the last fiscal year, the company said.
Emirates' revenues were 10 percent higher than the previous year at $13.3 billion.
"We are proactively managing the myriad challenges faced by the airline and travel industry, including the relentless downward pressure on yields and uncertain economic and political realities in our region and in other parts of the world," said Sheikh Ahmed.
Profit for the Emirates Group, which also includes Dnata, a leading air services provider, was also down by 53 percent to $296 million.