Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
DAE Announces Financial Results for the Three Months ended March 31, 2022
 
Dubai, U.A.E. - 6 May 2022 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2022. T
 
1. 2021 results are adjusted to exclude one-time bond redemption costs of US$16.1 million incurred during the three months ended March 31, 2021.
 
Selected Business Highlights:
• Net Income before exceptional items increased by 91% to US$46.6 million
• Cash flows from operating activities increased by 64% to US$357 million
• Liquidity Ratio exceptionally strong at 486%
• Net Debt-to-Equity before exceptional items was 2.35x
 
Exceptional Items:
• Net write-off of aircraft with airlines in Russia and no longer in the Company’s control of US$537.8 million
 
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the first quarter of 2022 demonstrate the underlying strength of DAE’s franchise, and the continuing demand-led recovery of global air travel. We continue to see a trend toward air travel normalcy with all major indicators pointing toward a strong summer season ahead for our airline customers. 
“We proactively addressed the loss of control of our aircraft on lease to airlines in Russia by writing off our net investment. We have filed claims of US$1.0 billion under certain insurance policies and expect to file additional claims to recover amounts due to us. Our capital adequacy and liquidity metrics remain robust.
“DAE Engineering had another strong quarter, with its Joramco business again achieving record revenue, as well as adding and renewing a number of large maintenance agreements, including with GetJet Airlines, DHL, Ryanair, and Corendon Airlines in the quarter. We look forward to continuing to expand our engineering business.”
 
Webcast and Conference Call
In connection with DAE’s first quarter 2022 earnings release, management will host a conference call on May 06, 2022 at 09:00 EDT / 14:00 BST / 17:00 GST / 20:00 SGT. 
 
The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and using the following access code: 9879585.
 
Forward Looking Statements
Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE’s current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE’s control.
 
Non-IFRS Financial Information 
This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes. 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 8196 times
PR Category : Banking & Investments
Posted on : Friday, May 6, 2022  2:59:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Lumenore Appoints a New EMEA Sales Director
Next Story : Ogilvy EMEA Chairman Paul O'Donnell Announces Retirement, En...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
New Year, New Me with essence Products [15568-Views]
Embrace this New Year with Catrice [11607-Views]
Arab Bank Group Reports Net Profits of $544.3 million for 2022, 25% Cash Dividends [8979-Views]
SAP Announces Q4 and FY 2022 Results [7413-Views]
My Olivanna [6548-Views]
MGD - DSF Raffle Draw Winner [6527-Views]
Tanishq Opens 7th Boutique in the UAE [6478-Views]
Russian Compani will Participate in the 11th Largest International Construction Exhibition... [5998-Views]
LG Announces 2022 Financial Results [5719-Views]
Malabar Gold & Diamonds Launches the ‘Heart to Heart' Jewellery Collection to Celebrate th... [5469-Views]
More Events Target Clients on 3rd day of 6th Dubai Customs Week [4969-Views]
Celebrate Valentine's Day with Joyalukkas ‘Be Mine' Collections [4904-Views]
National Bank of Fujairah PJSC (NBF) – 2022 Results [4543-Views]
du Partners with Dubai Authorities to Operate State-of-the-art Drone Solutions through its... [4485-Views]
Union Coop signs MoU with CoTopia [4330-Views]
Danube Properties Unveils Viewz - an Iconic 1.4bn Project in JLT with Aston Martin Furnish... [4326-Views]
Dubai Jewellery Group Successfully Concludes Dsf Campaign by Giving 100 Winners 25kgs Gold... [4305-Views]
Inaugural Mohammed bin Rashid Falconry Cup Off to a Strong Start [4071-Views]
Luscious Lunch with Your Ladies at Sizzling Wok - a Perfect Galentine's Day Celebration [3952-Views]
382 Health Facilities part of Dubai Health Authority's Single Electronic Medical File Init... [3903-Views]
SPORTMAX PreFall 2023 Collection [3813-Views]
Thomas Pieters Tops the Leaderboard on Shortened Opening Day at Hero Dubai Desert Classic [3780-Views]
UPS Releases 4Q 2022 Earnings [3682-Views]
Special Olympics UAE Recognizes 99 Schools Unified Champion Schools from across the UAE [3645-Views]
Emirates College for Advanced Education Organizes “Education First” Forum to Design Qualit... [3628-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories