18 November 2008
Abu Dhabi Aviation (ADA) has acquired a 95 per cent stake in Maximus Air Cargo, the heavy-lifter of the Middle East airline industry.
The move is expected to bolster the performance of Maximus Air Cargo, transforming it into a major global player in the international airfreight market.
"Under the deal, Maximus will retain its brand, operational independence and management structure, and the changes will allow the company to pursue its plans to increased efficiency and profitability and also ensure corporate growth," said President and Chief Executive Fathi Hilal Buhazza.
ADA, formed in 1976 as a joint venture between Abu Dhabi, 80 per cent, and a foreign company, 20 per cent, is the largest commercial helicopter operator in the Middle East, operating 59 helicopters.
The bulk of the company's business activity is in support of Abu Dhabi Offshore Oil and Engineering and Construction Companies.
Other business activities include medical evacuation, survey, photography, charter and crop spraying in the UAE as well as most of the aerial spraying in Oman.
ADA has also expanded its operations to neighbouring areas and the broader region and has completed numerous contracts throughout the Middle East, to include Saudi Arabia, Qatar, Kuwait, Oman, Yemen, Spain, Pakistan and Eritrea.
"ADA hopes to strengthen its position in the region with the acquisition of Maximus Air Cargo," said a company official.
Maximus recently reported positive growth during the first nine months of 2008, with up to four-fold increases in key performance measures.
Freight-tonne kilometres flown, the most important indicator of air cargo operations, grew to 278 million - up from 69 million in the same period of 2007, an increase of 401 per cent.
Hours flown followed a similar pattern, up 365 per cent from 1,885 to 6,883 - producing a 227 per cent growth in sales revenue from $38 million (Dh139.4m) to $86.4m, 170 per cent ahead of target.
Commercial contracts accounted for 75 per cent of the hours flown, with the balance coming from UAE government entities.
Maximus operates a fleet of eight all-cargo Antonov AN-124-100, Airbus A300-600RF, Ilyushin IL-76TD, and Lockheed Hercules L382G aircraft.
Abu Dhabi Aviation (ADA) has acquired a 95 per cent stake in Maximus Air Cargo, the heavy-lifter of the Middle East airline industry.
The move is expected to bolster the performance of Maximus Air Cargo, transforming it into a major global player in the international airfreight market.
"Under the deal, Maximus will retain its brand, operational independence and management structure, and the changes will allow the company to pursue its plans to increased efficiency and profitability and also ensure corporate growth," said President and Chief Executive Fathi Hilal Buhazza.
ADA, formed in 1976 as a joint venture between Abu Dhabi, 80 per cent, and a foreign company, 20 per cent, is the largest commercial helicopter operator in the Middle East, operating 59 helicopters.
The bulk of the company's business activity is in support of Abu Dhabi Offshore Oil and Engineering and Construction Companies.
Other business activities include medical evacuation, survey, photography, charter and crop spraying in the UAE as well as most of the aerial spraying in Oman.
ADA has also expanded its operations to neighbouring areas and the broader region and has completed numerous contracts throughout the Middle East, to include Saudi Arabia, Qatar, Kuwait, Oman, Yemen, Spain, Pakistan and Eritrea.
"ADA hopes to strengthen its position in the region with the acquisition of Maximus Air Cargo," said a company official.
Maximus recently reported positive growth during the first nine months of 2008, with up to four-fold increases in key performance measures.
Freight-tonne kilometres flown, the most important indicator of air cargo operations, grew to 278 million - up from 69 million in the same period of 2007, an increase of 401 per cent.
Hours flown followed a similar pattern, up 365 per cent from 1,885 to 6,883 - producing a 227 per cent growth in sales revenue from $38 million (Dh139.4m) to $86.4m, 170 per cent ahead of target.
Commercial contracts accounted for 75 per cent of the hours flown, with the balance coming from UAE government entities.
Maximus operates a fleet of eight all-cargo Antonov AN-124-100, Airbus A300-600RF, Ilyushin IL-76TD, and Lockheed Hercules L382G aircraft.
By Staff Writer
© Emirates Business 24/7 2008
