UAE Midex sees 55% surge in revenues in 2010

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UAE cargo

By Shane McGinley  www.arabianbusiness.com

UAE national cargo carrier Midex Airlines reported a 55 percent rise in revenues for 2010 and a 50 percent increase in the number of flights operated, the company announced.

UAE cargoMidex announced that revenues increased 55 percent last year to AED528m ($143.7m), compared to AED340m ($92.56m) in 2009. The freight carrier also reported an operating profit of AED158m ($43m).

A major factor in the revenue rise was the increase in the number of flights operated, which rose 50 percent to 1134 in 2010. The addition of two new aircraft also saw the capacity carried increase by approximately 100 tons to around 540 tons of cargo.

“These positive results for the company due to the increase of power capacity of the company after the addition of two new aeroplanes (Boeing 747 fashion) in 2010, which enabled the company to meet the growing demands for services provided by its customers around the world,” Jasem Albastaki, director general of Midex Airlines said of the results.

Formed in 2007, Albastaki said the company planned to keep expanding by adding new aircraft to its fleet. With nine aircraft, Midex is currently considered the largest operator of freighting operations in the Middle East and Albastaki claimed it was “seeking this year to become the largest operator of Boeing 747 aircraft in the region.”

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