NAS records outstanding performance for year 2007

Since beginning operations about four years ago, NAS has bagged ground handling contracts from around 30 airlines in addition to a number of ad-hoc charter operators to Kuwait

The company experienced remarkable growth in the year 2007 both in terms of passenger as well as cargo. Aircraft handled by NAS shows a growth of 43% when compared to previous year in operation, resulting in a 40% growth in revenue.

The growth in terms of passengers handled by NAS is significant, and it shows an increase of 36%. Another main stream revenue increase is in the cargo handling. Total cargo handled by NAS is 7% higher than the previous year.

The year on year growth in net income during 2007 was driven primarily by a substantial increase in the new Aircraft handled and services provided.

Profits and returns have kept pace with its expansion program, as is reflected in the growth in ROE ratios of 13% and ROI at 27%.

During this year the NAS financial targets have been achieved by managing the various forms of associated risks and maintaining a strong cash possession.

In line with its aim of optimizing capital utilization through the growth of total assets and an emphasis on risk adjusted return criteria in asset allocation decisions, total assets during the year reached an increase of 48% over the previous year end, showing an Asset turnover at 1.5 times.

The growth has been driven by the company's ability to consistently win new ground handling contracts with major carriers, as well as success in directing freight through its air cargo terminal.
Mr. Naji Al-Ajmi CEO of NAS said:

"NAS is forging ahead with joint ventures and new partnerships across the Middle East Asia, Pacific and Eastern Europe. NAS is already into UAE, China and India and will add to its list of operations very soon. We have just executed an acquisition of a 55% stake in NOVA, one of the leading ground handling companies in India. NAS is partnering with and making strategic investments in several other GCC areas in Cargo handling, Airport Services and Management".

"As we are currently running an efficient operation at the Kuwait International Airport, we felt it was only logical to expand outside the country and region" said the dynamic CEO who has plans to have NAS operate in at least 40 airports worldwide by the year 2010. "Last year's phenomenal growth was largely due to our efficient workforce with relevant industry experience and knowledge coupled with the foresight and commitment of our management and with their dedication and support, we look forward to making the company truly international." he concluded.