Gama Aviation announced its half-yearly unaudited results for 2022 projecting strong revenue growth of 30%. The company said that revenue rose to $139.3 million from $107.3 million in the year-prior period and the pretax loss was $576,000 compared with a restated pretax loss of $4.2 million for the first half of 2021.
On 27 September 2022, Gama completed the sale and lease back of its helicopter assets, resulting in a cash inflow of $27m and reducing net bank debt to $13.3m.
The company showed strong liquidity with $11.4m as against $10.2m in FY 2021.
Commenting on the half-year results, Marwan Khalek, Chief Executive said: “I am very pleased to report strong revenue growth and a solid financial performance for the first half of 2022, despite the ongoing macro-economic challenges. This improvement is underpinned by the Group’s focused growth strategy and the continued operational improvements made across the business, demonstrating the continued resilience of the Group’s business model.”
The company expects that year-end margins are likely to be impacted by inflationary cost pressures and supply chain challenges. Due to these and global economics and energy instability, Gama will continue to maintain a cautious approach for the rest of the year, the company said in a statement.
Going ahead along with the cautious approach Gama will remain focused on the execution of its growth strategy in line with its five-year strategic plan, which has underpinned the improved financial performance in the first half of the year.
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