Abu Dhabi Aviation + Qatar’s Milaha release 1Q earnings

ABU DHABI AVIATION-

Abu Dhabi Aviation (ADA) Group’s net income rose 703% y-o-y to AED 215 mn in 1Q 2025, according to the firm’s earnings release (pdf) and financials (pdf). The company’s revenues grew 25% y-o-y to about AED 2 bn in the same period, which the firm attributed to contributions from the recently acquired ADA legacy group, which generated AED 241 mn.

MRO assets are a driving force: The maintenance, repair, and overhaul (MRO) segment recorded a 12% y-o-y growth and contributed 77% and 60% to ADA’s topline and bottomline, respectively. The segment’s growth and earnings were driven by ADA’s latest acquisition of several MRO services providers, including a 50% stake in Global Aerospace Logistics (GAL) and 100% in Etihad Airways Engineering (EYE) — which together have contributed about AED 213 mn in revenues in 1Q.

Looking ahead, ADA is looking to expand into Brazil, Thailand, and Indonesia this year, and is mulling oil and gas projects in Africa, Asharq Business reported last week.

MILAHA-

Qatar Navigation’s (Milaha) net income rose 2.5% y-o-y — based on our own calculations — to QAR 374 mn in 1Q 2025, according to its financials(pdf). The firm's top line saw a y-o-y increase of 1.6% — also based on our calculations — to QAR 759 mn in 1Q.

REFRESHER- Milaha’s bottom line grew 9%to QAR 1.12 bn (c. USD 324.8 mn) in FY 2024, thanks to robust performance from the firm’s container shipping unit and the deployment of new vessel routes and services. Meanwhile, the firm’s revenues saw a drop of 3.5% y-o-y to QAR 2.84 bn during the same period.

All is well on the logistics front: The firm’s bottomline gains were driven by a QAR 30 mn y-o-y rise in Milaha’s maritime and logistics division’s net income, with port operations being a notable driver in its growth. Milaha’s Gas and Petrochem sector also saw its net income rise by QAR 1 mn y-o-y on the back of high returns from the firm’s JVs and associated companies.

Milaha’s been shoring up service offerings: Milaha launched a new weekly Short Sea Med

service, MTX 2, earlier this year to connect Turkey, Continental Spain, and the Canary Islands. Another service — Milaha Inta Gulf Express — was added by the Saudi Port Authority (Mawani) to King Abdulaziz Port in Dammam early last month. The new service has a total capacity of 1k TEUs.