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

Operations from the ground up

Keith Mwanalushi looks at the expansion of ground support operators and equipment in the Middle East region as the pressure mounts to remain competitive and maintain commercial viability.

Emirates announces A380 service to Nice and adds Monaco transfers by helicopter

Emirates Airlines has launched a daily A380 service to Nice, gateway to the French Riviera and Provence. The daily A380 service will start on July 1, 2017.

Etihad Airways and Norlands celebrate the 2000th Flying Nanny

Etihad Airways has celebrated the graduation of its 2000th Flying Nanny, continuing its relationship with Norland, the respected UK-based higher education college which specialises in 'early years' education.

UK bans passengers from Queen Alia Airport from carrying laptops, tablets and large phones

The UK authorities issued new rules that ban passengers on flights from Queen Alia International Airport and other airports in the region departing to London from carrying laptops and tablets in the aircraft cabin, in addition to the

Emirates expects busy spring break travel period

Emirates expects high passenger traffic on its flights this upcoming weekend starting from Thursday 23rd March as travellers head abroad for spring and holiday break. Over 89,000 travellers will be passing through Emirates Terminal 3

Qatar Airways welcomed Orbis Flying Eye Hospital to Doha

Qatar Airways welcomed Orbis Flying Eye Hospital to Doha with an official reception at Doha International Airport (DIA).

EBACE17 SK0103240517
See us at
Aeropodium BT2802240417EBACE17 BT0103240517Kuwait APADS BT1602270317