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Aquarius Aviation announced on Thursday, March 28 2013, its plan to expand its business with the acquisition of two airplanes within the next three years.
At a press conference held at the Harmony Hotel to clarify the recent change in brand name of the company, Aquarius‘ General Manager Frehiwot Tessema stated that the company has put in place a five-year strategic plan in which is incorporated the buying and leasing of more airplanes.
The company was formerly known as Aberdair until February 28th this year. “We had to change the name to Aquarius because of the fact that another company is using the same brand in the aviation industry. This company operates from the Kenyan capital of Nairobi and we have been working with them since the beginning by leasing airplanes from them. We had to change the name because it was causing a lot of confusion,” said Frehiwot.
Aquarius leases its airplanes from several foreign companies such as Aberdair, Nomad, located in Tanzania and NAC, which operates in South Africa.
The company currently has four aircraft in operation, out of which three are under contract to different companies. “We work with different companies that are in the prospecting business for mineral and oil. We currently have a one year contract that will be renewed with Tullow Oil, a UK-based company,” Frehiwot stated.
The Finance and Administration Manager for Aquarius, Shiferaw Heyi, stated that the company spends 950 USD per hour for the use of one-engine airplanes as well as around 1,250 USD per hour for two-engine airplanes. “The problem with hard currency has not affected us because our customers are under a contract to pay our company in USD,” he said. The company, which was established in 2009, recorded a net profit of 4 million birr in 2012.