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Abu Dhabi Aviation posted a 79.29 percent year-on-year increase in net profit for the first nine months of 2021, as the aviation industry continues to recover from the COVID-19 slump.
Net profit for the period reached 202.78 million dirhams ($55.2 million), up from 113.099 million dirhams in the same period last year.
“The COVID-19 pandemic had a significant impact on the aviation sector as a whole, in terms of revenue drop due to the global border restrictions and the extra cost burden in terms of quarantine, PPE and regular COVID tests… Now the market is on the recovery [path],” the company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Monday.
Abu Dhabi Aviation is the largest commercial helicopter operator in the Middle East, operating 55 helicopters and dozens more aircraft.
The company’s year-to-date revenue stood at 546.16 million dirhams, showing a 17.55 percent growth from the previous year’s 464.62 million dirhams.
Total assets as of September 30, 2021 were valued at more than 5.3 billion dirhams, up by 7.35 percent from a year earlier.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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© ZAWYA 2021
