DAE reports record revenue and net income for full year 2014

Dubai Aerospace Enterprise (DAE) reported net income for 2014 of US$159.5m (AED 586m), an increase of 43% from US$111.6m (AED 410m) in 2013. Revenue for full year 2014 increased to US$2,112m (AED 7,761m) from US$2,105m (AED 7,735m) for full year 2013. DAE Managing Director Khalifa H. AlDaboos said: “The 2014 financial results reflect a sharp improvement in the profitability of the Company. The DAE Engineering division improved its margins as a result of an enhanced focus on operational excellence. We renewed or extended our agreements with OEMs to ensure the franchise’s continued long-term growth. The DAE Capital division continued its asset growth in 2014. The net book value of the portfolio at year-end 2014 was US$3.6bn (AED 13.4bn), an increase of 50% in the last three years. DAE Capital placed an order for up to 40 new ATR 72-600 aircraft to ensure future portfolio growth. As of December 2014, DAE Capital has firm commitments to acquire 33 additional aircraft. We continue to build a world-class team and we hired a significant number of new senior team members in 2014.”