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 6970 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
Pandora Launch a New Limited-Edition Charm in Support of UNICEF Giving Young Voices the Ch... [10476-Views]
Ogilvy Celebrates a giant performance at this year's LIA's – Including awards for Global ... [8126-Views]
The Face Shop Introduces Vegan Skincare in the UAE [4264-Views]
MG International Fragrance Company Reinforces Presence in the Growing Middle East Region [4202-Views]
Opening Day of 22nd Edition of Cityscape Sees Numerous New Developments Showcased inside D... [3870-Views]
Dubai Islamic Bank Successfully Prices USD 750 Million Inaugural Sustainable Sukuk [3489-Views]
Jaeger-Lecoultre Participates in the 30th Edition of Jewellery Arabia Bahrain [3321-Views]
Dubai's Real Estate Market Continues to Ride High on Strong Investor Confidence [3272-Views]
Sita Strengthens its Partnership with Geneva Airport, helping Transform the Passenger Expe... [2903-Views]
Large Audience Attend Taha Hussein Days at Mohammed bin Rashid Library [2899-Views]
Dubai's 3 Day Super Sale Starts Friday with Deals of up to 90% off across the City [2870-Views]
5th Combined Gulf Cancer Conference to See Stellar Lineup of Policymakers, Scientists, Can... [2829-Views]
Burj Khalifa by Emaar to Host a Cutting-Edge Laser Light Extravaganza and Phenomenal Firew... [2821-Views]
Dubai Customs Launches Awareness Campaign on Digital Services for Passengers [2763-Views]
Dubai Future Foundation Announces Winners of the Smart Toys Competition 2.0 [2755-Views]
Samsung MENA Launches the First-ever Roblox ‘Space Cup' Football Tournament [2743-Views]
Michelin Star Chef and UK Consul General Welcomed for Jumeirah College Bake Off [2722-Views]
Former Man City Star Micah Richards on Why He is a Big F1 Fan and How the Sport can help D... [2628-Views]
DLD Enriches its Participation in Cityscape 2022 with Innovative and Sustainable Real Esta... [2608-Views]
Global Village Announces Spectacular Celebrations to mark the 51st UAE National Day [2567-Views]
Dubai Health Authority Receives a High-level Delegation from the National Healthcare Group... [2550-Views]
Five Things to Know About how they're Delivering more Benefits for Travellers [2472-Views]
Waterfront Market unveils Dubai Consumers Shopping Preferences [2452-Views]
This Week, ‘Down To Earth' Celebrating all things Green returns to Jameel Arts Centre, Plu... [2448-Views]
Reel Cinemas will make UAE Cinema History by Giving an Incredible 51% Discount on All Movi... [2444-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories