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ADA Group reports rise in nine month profits

Posted 21 November 2016 · Add Comment

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.

 

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