Maximus sells 95% stake to ADA

After impressive results this year, Abu Dhabi-based charter specialist Maximus Air Cargo has sold a 95% stake in the company to Abu Dhabi Aviation (ADA).

The move complements ADA's existing fleet of three Bombardier Dash 8s and a number of helicopters, especially as Maximus fully owns all its aircraft.

"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.

The carrier has recorded another strong set of results for the first nine months of 2008, with freight tonne kilometres (FTKs) up by 401% on the same period last year.

"These outstanding results are a reflection of our aircraft dispatch reliability, driven by very intense and careful operations and maintenance management," said Buhazza.

Hours flown by Maximus were up by 365% to 6883, which was responsible for a 227% jump in sales revenue from US$38 million to $86.4 million, a figure that was 170% ahead of the company target. Commercial contracts accounted for three quarters of hours flown, with UAE government deals making up the balance.

The company, the largest freighter-only air cargo firm in the Middle East, operates a fleet of eight aircraft and carries out regularly scheduled flights on behalf of carriers including Etihad, Iberia, Air France and Sudan Airways, and is also the exclusive air relief support partner for the UAE Red Crescent charitable organisation.

In the past year, Maximus has been responsible for shifting all kinds of freight to locations as varied as Cameroon, Sudan and Central Asia.

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