Dubai Aerospace Enterprise Reports Strong Nine-Month Financial Performance

Dubai Aerospace Enterprise (DAE) Ltd released its financial results for the nine months ending September 30, 2024, showing solid growth and expansion.

The company signed agreements to acquire 23 aircraft worth approximately $1.1 billion, focusing on narrow-body and next-generation technology aircraft. DAE’s Chief Executive Officer, Firoz Tarapore, highlighted a 57% increase in profit before tax on a 3% revenue growth, achieving a pre-tax profitability margin of 23% and a pre-tax return on equity of 11%.

DAE reported a robust liquidity position with $4.0 billion in liquid assets and a Liquidity Coverage Ratio of 335%, alongside an improved net-debt-to-equity ratio of 2.45x. The company’s leased aircraft portfolio remains in high demand, with a 99% contract rate on owned assets and recent transactions encompassing 103 lease agreements, extensions, and amendments.

DAE also highlighted its expanding portfolio, with 33 new aircraft acquisitions valued at $1.6 billion in 2024. These aircraft have a weighted average age of 4.4 years and an average lease term of eight years, leased to airlines across 13 countries. The company cited continued delays from Boeing, impacting near-term delivery timelines.

DAE Engineering also performed strongly, with a 35% revenue increase to $131 million and a 128% rise in profitability, driven by demand for engineering services. The ongoing expansion of DAE’s Amman, Jordan facility is expected to add five new hangar lines by the end of 2024.

DAE management will hold a conference call on October 30 to discuss the results. More details are available on DAE’s website, including webcast and dial-in information.

News Source: Dubai Media Office