Palm reports strong year
Dubai-based Palm Aviation has reported strong 2008 financial results as the company stays on course to deliver planned revenue growth of 35 per cent per annum over the next five years.
2008 revenues were 300 per cent ahead of 2007 in what was a strong year for private aviation generally in the Middle East. The revenues held up through the more challenging fourth quarter of 2008.
“Palm Aviation is firmly on course to deliver sustained revenue growth of 35 per cent per year,” said Mohammad Saideh, EVP and Chief Marketing Officer at Palm Aviation. “Year on year growth for 2008 over 2007 was clearly exceptional and has put us well ahead of plan; just as importantly, the business has gained excellent momentum which has carried us through a more difficult final quarter of 2008 and through the first quarter of 2009, underpinned by long term contracts with our aviation partners."
Saideh said private charter remains an attractive option as rates soften, "helped by the decline in fuel prices,
and people are continuing to fly." Palm Aviation is continuing to grow by extending services to air traffic inbound and outbound in the Middle East, Africa, Europe and the CIS states.