Dubai Aerospace Enterprise (DAE) Ltd has reported its financial results for the nine-month period ending September 30, 2024, showcasing a substantial increase in profits attributed to strategic aircraft acquisitions and strong operational performance.
Total revenue grew to US$1.017 billion, up from US$989.2 million in the same period last year. Profit before tax surged by 57% to US$326.6 million, reflecting a solid financial strategy. The operating cash flow reached US$904.1 million, underscoring DAE's financial stability. The company's liquidity pool stands at US$4.0 billion, with an improved net debt-to-equity ratio of 2.45x.
In terms of operations, DAE expanded and optimized its fleet by acquiring 23 aircraft worth approximately US$1.1 billion, focusing on next-generation narrow-body models. DAE Engineering experienced a 35% increase in revenue year-on-year, supported by the expansion of its Amman, Jordan facility, which is set to add five hangar lines by year-end.
CEO Firoz Tarapore emphasized DAE's strong liquidity and capital adequacy metrics, stating, "Our liquidity remains robust, and pre-tax profitability margins have strengthened." DAE will conduct a webcast and conference call on October 30, 2024, at 09:00 EDT / 13:00 GMT / 17:00 GST / 21:00 SGT to discuss the financial results.
The company also finalized 47 aircraft sales and over 100 lease agreements. Tarapore highlighted the importance of managing the balance sheet prudently and maintaining vigilance amid various risk factors that could affect future results.
