DAE Reports 57% Rise in Profit Before Tax for Nine Months Ending September 2024, with Robust Financial and Operational Performance
Dubai Aerospace Enterprise (DAE) Ltd has released its financial results for the nine months ending September 30, 2024, showing significant profit growth driven by strategic aircraft acquisitions and robust operational performance.
Financial Highlights:
- Total Revenue: Increased to US$1.017 billion, up from US$989.2 million in the same period last year.
- Profit Before Tax: Surged by 57% to reach US$326.6 million, reflecting a solid financial strategy.
- Operating Cash Flow: Achieved US$904.1 million, a steady figure that underscores DAE’s financial strength.
- Liquidity and Leverage: With a liquidity pool of US$4.0 billion, DAE reports an improved net-debt-to-equity ratio of 2.45x.
Operational Highlights
DAE continues to expand and optimize its fleet, with 23 aircraft acquired for an approximate value of US$1.1 billion, focused on next-generation narrow-body models. The company also completed 47 aircraft sales and finalized over 100 lease agreements. DAE Engineering reported a 35% revenue increase year-on-year, supported by the expansion of its Amman, Jordan facility, which is on track to add five hangar lines by year-end.
CEO Commentary
CEO Firoz Tarapore highlighted DAE's strong liquidity and capital adequacy metrics, stating, “Our liquidity remains robust, and pre-tax profitability margins have strengthened. We remain vigilant in managing our balance sheet prudently.”
Investor Call
DAE will host a webcast and conference call to discuss the results on October 30, 2024, at 09:00 EDT / 13:00 GMT / 17:00 GST / 21:00 SGT. Interested parties can join the live session via the DAE website.
Forward-Looking Statements
Certain information in this release constitutes “forward-looking statements” based on current expectations. Actual results may differ materially due to various risk factors.