Dubai Aerospace Enterprise (DAE) Ltd has announced its financial results for the year ending 31st December 2024, reporting a 36.2% increase in net profit to US$477.5 million, up from US$350.6 million in 2023.
Revenue grew by 9%, reaching US$1.42 billion, while total assets surpassed US$13 billion, compared to US$12.26 billion the previous year.
Strong Business and Operational Performance
DAE expanded its fleet significantly, acquiring 83 aircraft (30 owned, 53 managed) and selling 68 aircraft (19 owned, 49 managed). The company secured 233 lease agreements, extensions, and amendments, and placed 17 Boeing 737 MAX aircraft on long-term leases with Turkish Airlines, Eastar Jet, and Hainan Airlines.
In its engineering division, DAE recorded 1.6 million man-hours, performed 277 aircraft checks, and expanded hangar capacity by 30%, adding five new lines, including one A380-capable bay.
CEO Highlights Growth and Expansion
Firoz Tarapore, CEO of DAE, emphasized the company’s continued progress, stating,
“We advanced the franchise forward yet again in 2024 by acquiring 83 aircraft, growing revenue by 9%, and increasing pre-tax profitability by 45%.”
He highlighted DAE Engineering’s record performance, with a 33% revenue increase to US$186.4 million, and a 94% rise in profitability to US$43.2 million. The addition of a state-of-the-art hangar in Amman, Jordan further strengthens Joramco’s position as a leading airframe MRO provider.
With a robust balance sheet and strong liquidity, DAE remains well-positioned for future growth, reaffirmed by positive ratings actions from Moody’s and Fitch during the year.
News Source: Emirates News Agency
