Dubai Aerospace Enterprise (DAE) Ltd has announced impressive financial results for the nine months ending September 30, 2024. The results showed the profit before tax soaring by 57% as compared to the previous year.
This growth has been driven by strategic aircraft acquisitions, enhanced operational strategies, and prudent financial management. This success highlights DAE’s commitment to strengthening its position in the global aerospace industry.
Financial Highlights
- Total Revenue: DAE’s total revenue increased to US$1.017 billion. It raised US$989.2 million in the same period of 2023.
- Profit Before Tax: Pre-tax profit jumped to US$326.6 million. This rise shows DAE’s effective financial strategies and adaptability in a competitive aerospace landscape.
- Operating Cash Flow: DAE reported a stable operating cash flow of US$904.1 million. It demonstrated its capability to generate significant cash flow from core operations.
- Liquidity and Leverage: DAE had a strong liquidity reserve of US$4.0 billion. It improved its net debt-to-equity ratio to 2.45x. These results reflect the company’s focus on maintaining financial strength and operational flexibility.
Operational Highlights
DAE’s strategic emphasis on expanding and modernizing its fleet has led to the acquisition of 23 aircraft. They are valued at approximately US$1.1 billion. The primary focus is on fuel-efficient and next-generation narrow-body models.
Furthermore, DAE has completed 47 aircraft sales. It has secured over 100 new lease agreements. DAE Engineering also reported a significant 35% increase in revenue year-over-year. It was driven by the expansion of its facility in Amman and Jordan.
