Island Aviation Takes Off with Strong Q1 Performance, Reporting MVR 557.60 Million in Revenue

Island Aviation has kicked off the fiscal year with an impressive first quarter performance, reporting a revenue of MVR 557.60 million, as disclosed by the Privatization & Corporatization Board (PCB). This figure represents a 17% year-on-year surge, underlining the airline's robust growth.
The revenue boost can be attributed to a substantial rise in passenger numbers across various flight categories. Notably, domestic flights recorded a 16% revenue increase, while foreign trips and seaplane travel contributed with growth rates of 2% and 15%, respectively.
The addition of the ATR2 aircraft to Island Aviation's fleet has further enhanced its services. Additionally, the resumption of flights to Faresmaathodaa Airport and the initiation of jet fuel sales to private jets at Maafaru Airport have strengthened the airline's offerings.

Ground handling services have also experienced a noteworthy surge, with an 88.9% revenue increase for the quarter. This remarkable growth is primarily attributed to the increased number of jets landing at Maafaru Airport, which is managed by Maldivian.
In terms of profitability, Island Aviation recorded a net profit of MVR 41.55 million from its operations in the first quarter. This marks a significant turnaround compared to the previous fiscal year's last quarter, which reported a net loss of MVR 53.58 million. The Q1 performance of this year is a testament to the company's strategic initiatives and operational excellence, setting a positive trajectory for the rest of the fiscal year.