GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774

Air Arabia Co.

Source: Naeem Investment

A better-than-expected 3Q10

Air Arabia reported better-than-expected 3Q10 results. Tight cost control plus a AED20m income from investment in associates boosted the bottom line during the quarter. 3Q10 revenue grew 4% YoY and 17% QoQ to AED568m, 6% above our estimate, as yields did not decline as much as feared. 3Q10 passenger traffic grew 9.5% YoY to 1.15m (3% below our estimate of 1.18m). 3Q10 load factor was 82%, slightly above our estimate of 81%. COGS remained flat QoQ but rose 9% YoY resulting in 3Q10 gross margin narrowing only 3.9pps YoY, and increasing 13.3pps QoQ to 21.2% (vs. 22% forecasted). 3Q10 net profit fell 5% YoY to AED136m, but showed a significant recovery on a QoQ basis from AED50m in 2Q10. We maintain our ACCUMULATE recommendation and target price at AED1/share.

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