Dubai Aerospace Enterprise (DAE) Ltd has shared its financial results for the nine months ending September 30, 2024, revealing significant profit growth fueled by strategic aircraft acquisitions and solid operational performance.
Financial Highlights
- Total Revenue: Rose to US$1.017 billion, up from US$989.2 million during the same period last year.
- Profit Before Tax: Increased by 57% to US$326.6 million, showing the strength of DAE’s financial strategy.
- Operating Cash Flow: Reached US$904.1 million, underscoring DAE’s financial stability.
- Liquidity and Leverage: With a liquidity pool of US$4.0 billion, DAE achieved an improved net debt-to-equity ratio of 2.45x.
Operational Highlights
DAE has expanded its fleet by acquiring 23 aircraft, worth approximately US$1.1 billion, focusing on next-generation narrow-body models. The company also completed 47 aircraft sales and finalized over 100 lease agreements. DAE Engineering recorded a 35% revenue increase year-over-year, supported by the expansion of its Amman, Jordan facility, which will add five new hangar lines by the end of the year.
CEO Remarks
CEO Firoz Tarapore emphasized DAE’s robust liquidity and capital metrics, stating, “Our liquidity is strong, and pre-tax profit margins have improved. We remain committed to managing our balance sheet carefully.”
Investor Call
DAE will hold a webcast and conference call to discuss the financial results on October 30, 2024, at 09:00 EDT / 13:00 GMT / 17:00 GST / 21:00 SGT. Interested parties can join the live session via the DAE website.
