MNGA has mobilized a fleet of cargo trucks to support the Turkish Ministry of Interior Department of Disaster and Emergency Management to deliver supplies from Istanbul directly to Malatya and Gaziantep. Starting on February 7th, the MNGA’s trucks began delivering emergency aid to the region. On February 8th, MNG Airlines volunteered an A300-600 aircraft to transport relief goods including 44 tons of supplies donated by MNG Airlines staff. After the first flight, MNGA operated 4 flights to Malatya and 2 flights to Adana to provide transportation for donations from Beşiktaş JK, the Turkish Pharmacists’ Association and other donors.
MNG Airlines has also partnered with the Turkish Red Crescent to collect and transport emergency donations from across Europe to Malatya and Adana. Starting on February 9th, and working alongside international embassies and consulate staff, airport staff and our ground handling partner DNATA CGN, MNG Airlines loaded emergency relief donations at the Cologne, Amsterdam, and Charles de Gaulle airports for transport to Istanbul Airport. MNG Airlines’ collaboration with the Red Crescent is ongoing, and as of today, MNG Airlines has transported 240 tons of aid.
On February 8th, 16th and 23rd, MNG Airlines operated an A300-600 cargo plane on behalf of the World Health Organization (“WHO”) to transport 120 tons of emergency medical kits from Al Maktoum International Airport in Dubai to Istanbul, where the WHO’s emergency response teams began transporting the kits to areas most in need. On February 18th, MNG Airlines operated an A300-600 cargo plane on behalf of UNICEF to transport 37 tons of relief goods.
MNG Airlines and Golden Falcon Acquisition Corporation stand with friends, family, and fellow Turkish citizens whose lives have been impacted by the earthquakes, and will continue supporting our disaster relief and recovery partners during this difficult time.
MNG Airlines is a global logistics provider. MNG Airlines started operations in 1996, having conducted its first transatlantic flight in 1998, and now services over 15,000 corporate customers across 41 countries through over 3,500 flights per year. MNG Airlines offers charter services with customized plane and capacity options in addition to scheduled flights and aircraft, maintenance, crew and insurance (ACMI) services.
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Total revenue in 2022 was $359.3 million compared to $289.7 million in 2021, representing 24% growth.Revenue growth was driven by increased activity in Asia, as CTKs (cargo ton kilometers) departing from Asia grew to 111.5 million in 2022 from 60.4 million in 2021, representing 85% growth. MNGA prioritized charter flights to the region, resulting in 102% year-on-year growth in charter services, to expand its footprint and activity in the region. This also meant a lower portion of MNGA’s overall revenue came from ACMI3 flights, which have higher margins as the customer incurs the direct operating costs.E-commerce revenue increased to $81.5 million in 2022 from $51.3 million in 2022, a 59% increase, supported by the increased activity in Asia.MNGA also increased block hours from 21,796 hours in 2021 to 23,099 hours in 2022, supporting the Company’s fleet utilization and expanding its network coverage.Profit in 2022 expanded to $66.7 million from $50.4 million in 2021, representing growth of 32%, and representing a 19% profit margin4.Adjusted EBITDA in 2022 decreased slightly but remained robust at $110.1 million, representing a 31% Adjusted EBITDA margin5.MNGA reduced its gross debt in 2022 by $24.4 million compared to year end 2021, resulting in total debt of $82.5.
Ali Sedat Özkazanc, CEO of MNGA, commented, “We are encouraged by our strong revenue growth in 2022 and we are proud that we continue to deliver on our goals of growing MNG Airlines into a global logistics provider.”
Makram Azar, CEO of Golden Falcon, commented, “We remain excited by MNGA’s performance and believe MNGA’s strong growth profile, profitability and cash flow generation offer the market a differentiated, high-quality business.”
The proposed business combination, which has been approved by the boards of directors of Golden Falcon and MNG Airlines, is expected to be completed in the first half of 2023, subject to, among other things, approval by Golden Falcon’s stockholders, satisfaction of the conditions stated in the previously filed definitive business combination agreement and other customary closing conditions, including a registration statement on Form F-4 being declared effective by the SEC and approval by the relevant exchange to list the securities of the combined entity.
Upon the closing of the proposed business combination between Golden Falcon and MNG Airlines, MNG Airlines expects to be listed under the ticker symbol “MNGA.”
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https://en.afad.gov.tr