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ADA Group half year profits rise

Posted 1 August 2016 · Add Comment

Half year net profit at the Abu Dhabi Aviation (ADA) Group has risen 3.2% to $38.4 million compared to the first six months of 2015 though Group turnover slipped 5.3% year-on-year to $247.1 million

 

A directors’ report says the Group’s parent company Abu Dhabi Aviation – the Middle East’s largest commercial helicopter operator – produced $110.2 million in revenue during the first half of this year which is 4% down on the same period in 2015. Its net profit for the first six months of 2016 was $16.9 million which was down 5% on the same period last year – a drop the directors attribute to: “current economic challenge and the winding down of expired client contracts.”

ADA subsidiary Maximus Air Cargo (MAX), the air cargo carrier and cargo aircraft wet lease operator, made $86.3 million in the first half of this year which is up 6% up on the same period last year. Its net profit was $20.35 million which is up by a third year-on-year. The directors say the positive turnaround was due to “significant growth on brokerage activities, both government and commercial, and revenue from successful Antonov operations.”
First half revenue at Royal Jet, the group’s luxury flight services provider, was down 27% year-on-year to $50.78 million which the directors attribute to “lower requirements from medevac customers, mainly the GHQ and Health Authority Abu Dhabi, and an overall market slowdown.” Royal Jet’s net profit for the first six months slumped 28% to $1.18 million attributed to “ownership cost and appreciation of new aircraft.” The directors’ report says: “Royal Jet has started restructuring its fleet and manpower in order to be better equipped for market needs and current economic conditions.”


 

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