NEW OWNERSHIP PAVES THE WAY FOR GROWTH BY MAXIMUS
/EIN News/ Abu Dhabi, 18 November 2008 - Abu Dhabi Aviation has acquired a 95 per cent stake in Maximus Air Cargo, the specialist heavy-lifter of the Middle East airline industry.
“Maximus will retain its brand, operational independence and management structure, and the change will allow the company to pursue its route to increased efficiency and profitability and ensure corporate growth,” said president and chief executive Fathi Hilal Buhazza.
Maximus has just reported outstanding growth during the first nine months of 2008, with up to four-fold increases in key performance measures. Freight-ton 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 to $86.4 million, 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 is the largest freighter-only air operator in the Middle East and has a staff of more than 135, operating a fleet of eight all-cargo Antonov AN-124-100, Airbus A300-600RF, Ilyushin IL-76TD, and Lockheed Hercules L382G aircraft operating across the Middle East, Europe, Africa, and Asia.
It operates regular scheduled cargo services on behalf of airlines including Etihad, Iberia, Air France, and Sudan Airways, and is also the exclusive air relief support partner for the UAE Red Crescent.
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