Dubai Aerospace Enterprise (DAE) H1 2023 revenue up 15%
Dubai Aerospace Enterprise (DAE) has reported that its revenue has increased by 15%; while profit before tax increased by 13% for the six months ended June 30, 2023.
The Dubai headquartered aviation services corporation disclosed its latest financial results on August 2, 2023.
Firoz Tarapore, CEO of DAE, said: “Our first half 2023 results demonstrate the strong demand we are seeing in the market for aircraft from our airline customers. COVID-era deferral programmes are being repaid ahead of schedule and secondary market aircraft valuations remain robust. This has resulted in revenue growth of 15% compared to the first six months of 2022.
“We have continued with our programme of active liability management, repurchasing a further $102 million of principal amount of our bonds during the quarter, bringing the total to $307 million in the first six months of 2023.
“We had $368 million of remaining bond repurchase authorization at the end of the quarter. Our liquidity coverage ratio remains exceptionally strong at 281%, and our available liquidity is $2.3 billion,” added Tarapore.
Twin divisions
With two divisions – DAE Capital and DAE Engineering – Dubai Aerospace Enterprise (DAE) serves more than 170 airline customers in more than 65 countries from its office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE Capital is an aircraft lessor and financier with an owned, managed, committed, and mandated to manage fleet of approximately 500 Airbus, ATR and Boeing aircraft with a fleet value of $17 billion.
On the other hand, DAE Engineering provides MRO services to customers in Europe, Middle East, Africa, and South Asia from its advanced facility in Amman, Jordan, that can accommodate 17 wide- and narrow-body aircraft.
DAE Engineering is authorised to work on 15 aircraft types and has regulatory approval from more than 25 regulators globally.
DAE Engineering is increasing its global footprint and also expanding its wide-body maintenance offering with new partnerships in the Asia-Pacific and the Americas regions.
For more details: www.dubaiaerospace.com.
Last Updated on 11 months by Arnold Pinto
