Subscribe Free
in Business & Finance

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.”


 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Dubai Airshow will see its largest number of exhibitors

"When the Dubai Airshow opens its doors in under a month at DWC, Dubai Airshow site, visitors can expect to see a larger number of exhibitors and exciting new features in addition to the appearance of industry heavyweights and niche

UAE Space Agency welcomes Kuwaiti delegation

The UAE Space Agency has welcomed an official delegation from the Kuwaiti scientific, research and academic institutions visiting the UAE this week to learn about the experience, achievements and future plans of the UAE space sector.

Bahrain International Defence Exhibition and Conference takes place

The first edition of Bahrain International Defence Exhibition and Conference covering air, land and sea is taking place on October 16-18 at Bahrain International Exhibition & Convention Centre.

Gama takes full control of Middle East business

Gama Aviation has bought out its partners in the Gama MENA business based in Sharjah.

Dubai Airports wins at Aviation Business Awards

Dubai Airports, Dubai International (DXB), and Dubai World Central (DWC), were honoured with two awards at the 11th Aviation Business Awards on Wednesday.

Danger of the deadly dust

The harsh climate and environment of the Middle East and North Africa imposes unique challenges for military aviators and particularly for the operators of rotary wing and vertical lift aircraft. Jon Lake reports.

Aviation Africa SK18418
See us at
Global Aerospace BT28218Aviation Show 267291117AIME BT1204240118DIAC BT1105121117AIMA Africa 2017Aviation Africa BT18418DAS BT1105161117DASAS BT3006161117