Dubai Aerospace Enterprise (DAE) Ltd reported strong financial results for the first half of 2024, with total revenue rising to $679.2 million, up from $670.1 million in the same period last year.
The company's profit before tax increased by 22.7% year-on-year to $154.3 million, while its pre-tax profit margin improved to 22.7% from 22.4%. DAE's pre-tax return on equity also rose to 11%, compared to 10.3% in the first half of 2023.
The company highlighted a significant increase in its available liquidity, reaching $4.9 billion, and an upgrade in its unsecured credit ratings to Baa2 by Moody’s and to BBB by Fitch Ratings. DAE acquired 10 aircraft and sold 11 during the period, while its order book for the 737 MAX is fully placed through 2025.
Firoz Tarapore, CEO of DAE, emphasized the continued strong demand for leased aircraft and airframe maintenance, contributing to the company's revenue and profitability growth. He noted that DAE is actively evaluating opportunities for acquiring and divesting aircraft portfolios and expects an active second half of 2024. Additionally, DAE Engineering reported a 33% increase in revenue to $92 million and a 103% increase in profitability to $20.5 million, with plans to expand its hangar capacity in Amman, Jordan.
DAE announced the recommencement of its bond repurchase program, with authorization to repurchase up to $274 million of outstanding bonds. The company will host a webcast and conference call to discuss the results in detail.
For more information, interested parties can visit DAE's investor relations website.
News Source: Dubai Media Office
