Dubai Aerospace Enterprise (DAE) has reported its financial results for the nine months ended September 30, 2023. The company reported revenues of US$989.2 million, compared to US$853.9 million in 2022 and profit before tax and exceptional items of US$207.5 million, compared to US$200.6 million for the same period in 2022.
In the third quarter of 2023, DAE made significant strides in its operations. The company not only declared but also successfully executed the acquisition of the rights, interests and obligations associated with a portfolio comprising 64 Boeing 737 MAX aircraft. This strategic move solidified its near-term growth prospects and reinforced its commitment to funding state-of-the-art, fuel-efficient aircraft. These 737 MAX aircraft are equipped with CFM International LEAP-1B engines and advanced technology winglets, resulting in a remarkable 20% reduction in fuel consumption and emissions compared to their predecessors.
Furthermore, during the same quarter, Boeing chose Joramco to establish a new Boeing 737-800BCF freighter conversion line in Amman, Jordan. DAE Engineering’s expansion continued, with expectations of reaching a total of 22 maintenance lines by the conclusion of 2024.
In terms of financial management, DAE proactively addressed its liability management, announcing the successful signing of its largest-ever bank financing deal, a multi-tranche financing arrangement totalling US$1.6 billion. This financing structure combines revolving credit facilities and term financing facilities. By the end of the quarter, the company had achieved available liquidity of US$3.8 billion, with a robust liquidity coverage ratio standing at 269%.