ADA Group reports rise in nine month profits
The Abu Dhabi Aviation Group, (ADA Group), the Middle East's largest provider of commercial helicopter, luxury VIP charter and cargo solutions, has reported an 8.54% year-on-year rise in net profits for the first nine months of 2016 to September 30.
The Group has reported net profits of AED228.42 million despite a 16.5% drop in turnover to AED1.37 billion. ADA’s Q3 Group Directors report attributes the rise in net profits to a cost-restructure of the luxury charter operator Royal Jet, of which ADA owns 50%, and higher transaction volumes coming from the Presidential flight and the military, including the addition of a GHQ shuttle.
The Group’s parent company, Abu Dhabi Aviation (ADA), made AED609.89 million which was a 9% year-on-year decrease while its net profit fell 2% to AED98.2 million. The directors reported: “The decrease was due to current economic challenges and the winding down of expired client contracts.”
ADA’s 100%-owned Maximus Air Cargo (MAX) recorded a 16% drop in year-on-year net profits to AED77.51 million while Royal Jet returned a 195% year-on-year uptick in net profits to AED52.7 million.