Avia Solutions Group’s Net Profit Reached €14.05 million in 2018
Avia Solutions Group, the largest aviation services and solutions company group from Central & Eastern Europe, earned €420 million in consolidated revenue in 2018, a 25% increase from the year before (€337 million). Avia Solutions Group consolidated net profit increased by 96% to €14.05 million (€7.1 million in 2017).
"The 2018 was another successful year for Avia Solutions Group. We consistently followed our strategy and ambitious development targets, and by wining trust of major global aviation companies by providing high-quality and flexible services, we have managed to keep steady growth rate of at least 25% for the past 7 years,” says Jonas Janukėnas, CEO of Avia Solutions Group.
All the major group business segments increased revenue in 2018: aircraft maintenance, repair and overhaul segment (FL Technics, Storm Aviation and Jet Maintenance Solutions) revenue grew by 16% to €157.5 million, aircraft ground handling and fueling (Baltic Ground Services) – 31% to €204.5 million, crew training and staffing (BAA Training and AviationCV) – 12% to €20 million, private jet charter, flight and tour operations (KlasJet and Kidy Tour) – 39% to €36.4 million.
Avia Solutions Group invested €38.9 million in 2018: €10.5 million were allocated for BAA Training installing 2 Airbus and Boeing full flight simulators at Vilnius (Lithuania) training center, €11.3 million for acquisition of railway freight business BGS Rail in Ukraine, and €6.2 million for purchase of logistic & fueling trucks for Baltic Ground Services.
In 2018 Group‘s MRO company FL Technics signed a long-term contract with Lufthansa (LHAB) (LHA) group companies, FL Technics Indonesia earned Part-145 certificate from U.S Federal Aviation Authority to provide maintenance and repair services to aircraft originating from the US or those with parts from the United States. FL Technics established FL ARI - joint venture with China Airlines Leasing Group Holdings Limited (CALC) and it’s subsidiary Aircraft Recycling International (ARI) that will service aircraft in Harbin (China).
Group‘s aviation training company BAA Training installed 2 full flight simulators in Vilnius (Lithuania), started construction of training center in Ho Chi Minh City (Vietnam) and opened Ab Initio flight base in Lleida-Alguaire international airport (Spain) to ensure all-year-round training.
Avia Solutions Group aircraft ground handling and fueling company Baltic Ground Services expanded its presence to 16 airports and established new railway freight transport company BGS Rail in Ukraine.
"We caught a good momentum and we will continue with ambitious development in 2019. We will service aircraft at our joint venture FL ARI 15,000 square meters hangar in Harbin, we will install 4 real flight simulators at the BAA Training Center in Ho Chi Minh City, as well as will begin construction of 6 real flight simulators center in Zhengzhou, China, which should open its doors in 2020“, comments Mr. Janukenas, CEO of Avia Solutions Group.
New DoT report finds “limitations” in FAA certification of Boeing 737 MAX
A new report, published by the Office of Inspector General (OIG) of the DoT found deficiencies in the FAA's cer...
Boeing: Southeast Asia will need 4,400 new jets by 2039
Boeing counts that air carriers in Southeast Asia will probably need 4,400 new aircraft to support the expanding air tra...
FAA, American Airlines confirm report of Airbus encounter with UFO
Both the US Federal Aviation Administration (FAA) and American Airlines confirmed the Airbus pilot’s report of an...