The company "Dubai Aerospace Industries" announced today the financial results for the nine months ending September 30, 2024. The company's profit increased by 55% to $310.8 million compared to $200.6 million in the previous year. Profit before tax was $326.6 million for the first nine months of 2024 compared to $207.5 million for the same period last year. The company's revenue amounted to $1.017 billion compared to $989.2 million in the same period last year. The company signed contracts for a total of about $1.1 billion for the purchase of 23 aircraft, 91% of which are narrow-body, and 86% are equipped with next-generation technology. In October, agreements were also signed for the purchase of 10 aircraft for a total amount of approximately $500 million. At the moment, the number of acquired aircraft is 47, of which 11 are owned, and 36 are managed, while the number of sold aircraft is 47, including 16 owned and 31 managed. General Director of "Dubai Aerospace Industries" Firuz Tarabpour noted: "Our profits before tax increased by 57% and by 13% excluding exceptional items thanks to growth in delivery by 3%, which led to achieving approximately 23% of gross profit before tax and 11% of income tax on property rights before tax." Tarabpour added: "We continue to prudently manage our public budget, preserving key liquidity and capital adequacy indicators. We completed the quarter with liquidity of $4 billion and a liquidity coverage ratio of 335%, which also improves financial stability." According to him, in 2024 agreements were signed for the purchase of 33 aircraft for a total amount of about $1.6 billion, with an average age of the acquired aircraft portfolio being 4.4 years and the remaining lease term of 8 years, leased to 17 airlines in 13 countries. 94% of the combined portfolio is represented by narrow-body aircraft by value, while 90% of the portfolio consists of aircraft with next-generation technology. Tarabpour emphasized that their orders cover the period until the second quarter of 2026, although the unpredictability regarding delivery from Boeing continues to delay deliveries in the short term. The annual income of the engineering department of the company in 2024 increased by 35% to $131 million, while profit grew by 128% to $27.6 million. Tarabpour stated: "The process of expanding capacity for modern aircraft in our factories in Oman and Jordan is proceeding in the right direction, and our goal is to launch five additional production lines for aircraft by the end of 2024."
