Royal Jet posts princely profits in Abu Dhabi

posted on 17/04/2012: 592 views

Royal Jet, Abu Dhabi's private jet operator, yesterday posted its best ever first quarter performance, and said forward demand was strong well into the second quarter.

The luxury flight services company said revenues were up 15 per cent on the first quarter of last year. It reported full-year returns last year of a record a 226 per cent increase in net profit out of total revenues that increased by 31.2 per cent over 2010.

Royal Jet does not publish full financial figures regarding its performance.

"The strongest growth was in our jet charter business, driven by our aggressive sales strategy," said Shane O'Hare, the president and chief executive of Royal Jet. "Our brokerage, Medevac, aircraft management and fixed-base operation divisions also performed well. We have fed this growth through to the bottom line through continued tight cost controls, although there is still serious pressure from fuel costs and uncertainty in global markets.

"Although it may be premature to say that the global economy is on the path to steady recovery, the outlook is positive and we are optimistic that the worst is behind us."

"We are optimistic also that this level of business performance will continue throughout the year, helped by factors such as increased private-jet travel during the summer period, air travel in connection with the [London] Olympics and other sporting highlights, as well as the consistent demand for Medevac flights within the region and beyond."

The company has earmarked US$10 million (Dh36.7m) this year for interior refurbishment of its fleet, which includes six Boeing Business Jets, the largest business jets currently in service.

Royal Jet is jointly owned by Abu Dhabi Aviation, a publicly listed company on the Abu Dhabi Stock Exchange, and the Presidential Flight Authority. – The National

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