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

DC Aviation Al-Futtaim expands managed aircraft fleet

DC Aviation Al-Futtaim (DCAF) has added another Bombardier Challenger aircraft to its managed fleet.

First Rolls-Royce Trent 7000 production engine despatched

The first Rolls-Royce Trent 7000 production engine was despatched yesterday to the Airbus facility in Toulouse, in readiness to power Airbus’s latest aircraft, the A330neo, into service.

Stand out seats

Seating was one of the key focuses when Aircraft Interiors Middle East took place in Dubai in January.

FIA2018: CAE signs commercial aviation training solutions contract with Qatar Airways

CAE has announced today at the 2018 Farnborough Airshow that it has sold five (5) CAE-built full-flight simulators (FFSs) – 3x Boeing 777X and 2x Boeing 737MAX – and two (2) flight training devices (FTDs) – one Boeing 777X and one Boeing

SalamAir to add six new A320neo to its growing fleet

Oman’s first budget airline, SalamAir, has signed an agreement to add six new A320neo aircraft to its fleet, of which five are on lease from an undisclosed lessor.

BAE Systems selects Raytheon's projector for UAE F-16 DLE HUD

Raytheon will design, develop and manufacture the projector for BAE Systems' Digital Light Engine (DLE) Head-Up Display (HUD) on the F-16 Fighting Falcon for the United Arab Emirates (UAE) armed forces.

TAA SK0902311218
See us at
MEBAA BT1004121218Istanbul Airshow BT22018BIAS BT271017161118Cargo BT1004091018MAPS18_BT1207131118AIME19BTA3005120219Aviation Africa BT0607280219ASDubai BT1004091018GATM BT1004061118