DAE Announces Financial Results for the First Nine Months of 2022
Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the nine months ended September 30, 2022.
Total revenues stood at $853.9 milion compared to $925.3 million ending September 2021. Profit before exceptional items increased 125% to $203.6 million. Cash flow from Operating Activities increased 20% to $956.6 million.
45 new aircraft were acquired and 35 sold. Owned portfolio revenue utilization was 98%.
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated: “The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet.
"We continue to see demand for aircraft from airlines globally as travel demand remains resilient.
We have remained active in the secondary trading market, both acquiring and divesting assets through this channel. In early October, we announced the acquisition of Sky Fund I Irish, Limited, a company with a fleet of 36 modern aircraft.
"The acquisition of this very young, predominantly next generation fleet of aircraft advances our stated goal of maintaining a modern fleet of fuel-efficient aircraft. Upon the close of this acquisition, nearly 50% of our fleet will be comprised of next generation, fuel-efficient aircraft.
"We also continued to enhance our ESG standing globally with a voluntary disclosure to CDP, one of the world’s leading environmental disclosure platforms, thus furthering our commitment to transparency and disclosure of the environmental impacts of our business.
"DAE Engineering achieved yet another quarter of record revenues as it continues to execute its multi-year strategic roadmap. With all hangar space fully committed for the final quarter of the year, we expect DAE Engineering to record its strongest year ever in 2022.”