Gama Aviation’s 2022 profit up 33% after contract wins
Helicopter and fixed wing services company Gama Aviation has posted gross profit up 33% to $55.1m and revenue up 21% to $285.6m, after two key fourth-quarter contract wins, in audited results for the year ended December 31st, 2022.
Adjusted EBITDA profit was up $11.1m to $22.9m while adjusted EBIT profit climbed $13.1m to $8.8m. The company reported net cash inflow from operating activities of $31.4m compared with $5.2m in the previous year. A loss of $1.4m was reported for the year down from a loss of $6.3m in 2021.
Gama attributed the gains partly to two significant contracts wins in the fourth quarter achieved by its Special Mission strategic business unit (SBU). These included the award of seven-year, five-aircraft contract with the UK Air Ambulance Charity. Plus a North Sea offshore, multi-aircraft contract with Bond Helicopters running for five years. Bond Helicopters is the group’s joint venture with Peter Bond, launched to target opportunities within the UK offshore energy market.
Also highlighted was the performance of its Business Aviation unit and Technology and Outsource unit. Growth in the Business Aviation unit was driven by the US maintenance and repair operations business, Jet East, which was acquired 2021, according to the business. It’s Technology and Outsource unit continued to benefit from strengthening business in the US.
Marwan Khalek, chief executive, Gama Aviation welcomed the group’s improved revenue and EBITDA performance in core markets. “It is particularly pleasing to see the transformative effect the addition of Jet East has had to our US MRO business and how the additional focus we’ve placed on the Special Mission sector will deliver future financial performance through the capture of attractive multi-year contracts.”
The business would continue to build “positive momentum” this year, he said, despite the challenging environment, given the backdrop of high inflation, high interest rates and the uncertainties that come from “a protracted conflict in Europe”.
Gama Aviation 2022 results – at a glance
- Gross profit up 33% to $55.1m
- Revenue up 21% to $285.6m
- Adjusted EBITDA profit up $11.1m to $22.9m w
- Adjusted EBIT profit up $13.1m to $8.8m.
- Net cash inflow from operating activities of $31.4m compared with $5.2m in 2021
- Loss of $1.4m, down from a loss of $6.3m in 2021.
Above: Marwan Khalek, chief executive, Gama Aviation looked forward to continued growth in helicopter and fixed wing operations despite the challenging economic environment and the war in Ukraine.