$326.6 million in DAE’s profits before taxes

Yesterday, Dubai Aerospace Enterprise Limited announced its financial results for the nine months ending September 30, 2024, revealing that pre-tax profits increased by 57% to US$326.6 million.

The company’s CEO, Firoz Tarapore, said: “Profits before taxes increased by 57% (13% before exceptional items), thanks to revenue growth of 3%, which led to achieving pre-tax profit margins of 23%, with returns on equity before taxes. By 11%.

He added: “We continue to manage our balance sheet prudently, with liquidity and capital adequacy metrics remaining strong. We ended the quarter with liquidity of $4.0 billion and a liquidity coverage ratio of 335%.”

He continued: “In 2024, we announced the signing of agreements to purchase 33 aircraft from multiple parties, for a total amount of approximately 1.6 billion US dollars. Collectively, the average age of the aircraft portfolios purchased is 4.4 years, with an average remaining lease term of 8.0 years, and they are leased to 17 airlines in 13 countries,” pointing out that the combined portfolio consists of 94% of narrow-body aircraft in terms of value, while “Aircraft equipped with next-generation technology constitute 90% of the portfolio.”

He said: “Our orders cover the period until the second quarter of 2026, although the continued uncertainty regarding delivery by Boeing is delaying deliveries in the near term.” According to the company, the company’s engineering department’s annual revenues increased by 35% to $131 million, and profitability increased by 128% to $27.6 million.

The company confirmed that the process of developing additional capacity for modern aircraft hangars in its facility in the Jordanian capital, Amman, is on the right track, while the goal of “Dubai Aviation Industry” is to operate five additional aircraft hangar lines by the end of 2024. “Dubai Aviation Industry” revealed the most important business results. And operations, noting the signing of agreements to purchase 23 aircraft worth approximately $1.1 billion (91% of which are narrow-body aircraft, and 86% of which are aircraft equipped with next-generation technology).