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Dubai, U.A.E., 5 February 2024 - Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today reported its financial results for the year ended December 31, 2024. The consolidated financial statements can be found here.

Selected Financial Highlights:

(1) Adjusted to exclude exceptional items.

Selected Business and Operating Highlights:

  1. Number of aircraft acquired: 83 (owned: 30; managed: 53)
  2. Number of aircraft sold: 68 (owned: 19; managed: 49)
  3. Lease agreements, extensions, and amendments signed: 233 (owned: 190; managed: 43)
  4. Placed on long-term lease 17 Boeing 737 MAX aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines.
  5. Number of man hours booked (DAE Engineering): ~1,600,000
  6. Number of checks performed (DAE Engineering): 277
  7. Increased hangar capacity by 30% by expanding the number of bays to 22, including one A380 capable bay.
  8. Upgraded by Fitch Ratings and Moody’s Ratings to BBB and Baa2, respectively.
  9. Morningstar Sustainalytics ESG Risk Rating: 12.3; Industry Top-Rated and Regional Top-Rated for fourth year running

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9% and increasing pre-tax profitability by 45%. This translates into a stellar pre-tax profit margin and return on equity. Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands, which was reflected in ratings actions taken by both Moody’s and Fitch during the year.

Demand for aircraft from airline customers remains strong. At year-end 2024, all our aircraft were either on long-term leases or under LOI with airline customers, and our order book positions until mid-2026 are committed on long-term leases to airline customers.

DAE Engineering continues to deliver record performance with revenue increasing year-on-year by 33% to US$186.4 million, and profitability increasing by 94% to US$43.2 million. The addition of a state-of-the-art hangar with five new lines at our facility in Amman, Jordan, will augment our capacity by approximately 30%, further cementing Joramco’s position as one of the leading airframe MRO providers in the region.”

Webcast and Conference Call

In connection with the announcement of DAE’s results for the year ended December 31, 2024, management will host a conference call on Wednesday, February 05, 2025 at 09:00 EST / 14:00 GMT / 18:00 GST / 22:00 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 quoting ‘Dubai Aerospace Enterprise’ when prompted.


 
Posted by : DubaiPRNetwork.com Editorial Team
Viewed 7400 times
PR Category : Travel & Tourism
Posted on : Wednesday, February 5, 2025  2:04:00 PM UAE local time (GMT+4).
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