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    AIR   NL0000235190

AIRBUS SE

(AIR)
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Real-time Euronext Paris  -  11:37 2022-12-06 am EST
110.84 EUR   +0.47%
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Nigeria would consider China's C919 plane for new airline

10/01/2022 | 04:17pm EST
FILE PHOTO: The third prototype of China's home-built passenger jet C919 takes off during its first test flight at Shanghai Pudong International Airport

MONTREAL (Reuters) - Nigeria would consider buying China's newly-certified C919 passenger jet as it grows the country's fledgling carrier Nigeria Air to 30 planes by around 2025, Aviation Minister Hadi Sirika said on Saturday.

Sirika said the new airline would have a mixture of Airbus and Boeing planes, but added the carrier is also willing to look at the Chinese narrowbody jet, which Chinese regulators certified on Friday.

"We haven't looked at that C919. But if it's as good as the others then why not," he told Reuters on the sidelines of the United Nation's aviation agency's triennial assembly in Montreal, Canada.

On Friday, China hailed the development of its first medium-haul passenger jet as the embodiment of the country's drive towards self-sufficiency, with safety approval awarded to a plane that aims to challenge Western aircraft giants for orders.

The first C919 aircraft, designed to compete with popular single-aisle models made by Airbus and Boeing, will be delivered by the end of the year, state Xinhua News Agency said.

It remains unclear when the plane might be certified by the United States or Europe, opening the way to sales in most foreign markets, but industry analysts say it will be up to a decade before China can seriously tackle the existing Boeing-Airbus duopoly.

"China and Nigeria (have a) very cordial and friendly relationship with mutual benefits," Sirika said.

For decades, China has loaned billions of dollars to Africa to build railroads, power plants and highways as it deepened ties with the continent while extracting minerals and oil.

Nigeria, Africa's most populous nation, is the top importer of Chinese goods, hoovering up $23 billion worth in 2021.

Nigeria's poor transport and power networks have stymied economic growth for decades, holding back the distribution of wealth in Africa's biggest economy where 40% of people live below the national poverty line.

However, the country is growing its aviation sector, where traffic is now above pre-COVID-19 pandemic levels, Sirika said. The airline is one of President Muhammadu Buhari's 2015 election campaign promises.

(Reporting By Allison Lampert; Editing by Josie Kao)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 0.47% 110.84 Real-time Quote.-1.82%
BOEING -3.60% 178.43 Delayed Quote.-9.16%
BRENT OIL -4.03% 79.51 Delayed Quote.6.41%
DOW JONES AFRICA TITANS 50 INDEX -0.91% 468.36 Real-time Quote.-12.08%
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WTI -3.95% 74.324 Delayed Quote.7.66%
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Sales 2022 59 586 M 62 682 M 62 682 M
Net income 2022 3 954 M 4 160 M 4 160 M
Net cash 2022 9 069 M 9 540 M 9 540 M
P/E ratio 2022 22,0x
Yield 2022 1,64%
Capitalization 87 285 M 91 821 M 91 821 M
EV / Sales 2022 1,31x
EV / Sales 2023 1,08x
Nbr of Employees 131 615
Free-Float 74,1%
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Number of Analysts 18
Last Close Price 110,84 €
Average target price 148,21 €
Spread / Average Target 33,7%
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Guillaume Faury Chief Executive Officer & Director
Dominik Asam Chief Financial Officer
RenÚ Richard Obermann Chairman
Sabine Klauke Chief Technical Officer
Alberto Jose Gutierrez Moreno Chief Operating Officer
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