عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Europe Aviation Agency Urges Caution in Israeli, Iranian Airspace 

A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
TT
TT

Europe Aviation Agency Urges Caution in Israeli, Iranian Airspace 

A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)
A view from the southern Gaza strip shows drones or missiles vying for targets in southern Israel, early 14 April 2024. (EPA)

Europe's aviation regulator reaffirmed advice to airlines to use caution in Israeli and Iranian airspace though it said no civil overflights had been placed at risk during weekend tensions surrounding Iranian drone and missile strikes on Israel. 

The European Union Aviation Safety Agency (EASA) said it and the European Commission would "continue to closely monitor the situation to assess any potential safety risks for EU aircraft operators and be ready to act as appropriate". 

EASA guidance that is already in place for airlines on Israel and Iran continues to apply, it said in an emailed note. 

That included exercising caution and following all available aeronautical publications for Israel and neighboring airspace up to 100 nautical miles surrounding the country. 

For Iran, it recommended caution and said "there continues to be an increased potential for miscalculation and/or misidentification" in airspace over the Iranian capital Tehran. 

Global airlines face some disruption after Iran's attack on Israel with more than 300 missiles and drones, which were mostly shot down by Israel's US-backed missile defense system or its allies before they reached Israeli airspace. 

The attack was in response to a suspected Israeli airstrike on Iran's Syria consulate on April 1 in which seven Iranian Revolutionary Guards commanders and officers were killed. 

EASA said all affected airspaces - Israel, Lebanon, Jordan, Iraq and Iran - were closed by the relevant authorities during the relevant period. 

"There was no overflight risk for civil aviation at any time," it said. An overflight involves an aircraft transiting through airspace, typically at high cruising altitude. 

All the temporary airspace closures imposed at the weekend expired on Sunday, EASA said. 

Most Viewed

 
 
Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
TT
TT

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.