Emirates Group's dnata eyeing M&A deals

16 May 2024 CW Team

The CEO of dnata, part of the Emirates Group, mentioned that they were exploring merger and acquisition (M&A) opportunities in various industries and regions, including South America. He stated that they were in discussions with approximately 40 companies at any given time, with numerous deals nearing finalization. Chief Executive Steve Allen informed Reuters that their focus primarily lay on acquiring small to medium-sized businesses.

He emphasised South America as a significant growth market, highlighting countries like Brazil. Additionally, he remarked on the potential for consolidation in airport ground handling services on a global scale.

Established in 1959, dnata operates as a sister company to Emirates airline, offering services such as catering to airlines and handling baggage and cargo. They also manage businesses involved in selling holiday packages and providing travel booking services for retail and corporate clients. According to the Emirates Group's annual report released, dnata's profit for the fiscal year ending on March 31 increased more than fourfold to $381.2 million.

The surge in revenue, which rose by nearly 30% to 19.2 billion dirhams, was attributed to increased flight operations and global travel. Allen informed journalists that these results were partly due to long-term contracts renegotiated by dnata, accounting for higher labour and food expenses.

Regarding the recent severe storm in the United Arab Emirates, which disrupted operations at Dubai's airport and led to numerous flight cancellations, Allen stated that the financial impact was relatively minor. However, any effects would be reflected in their current fiscal year, which commenced in April.

The Emirates Group announced a 71% increase in annual profit, reaching a record 18.7 billion dirhams, and declared a dividend of 4 billion dirhams for its owner, Dubai's sovereign wealth fund ICD.

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