Dubai Aerospace Enterprise (DAE) has released its financial results for the nine months ended September 30, 2024, revealing a 57% increase in profit before tax, which rose to 13% when excluding exceptional items. The company experienced a revenue growth of 3%, resulting in pre-tax profitability margins of 23% and a pre-tax return on equity of 11%. DAE has maintained a prudent approach to managing its balance sheet, with liquidity and capital adequacy metrics remaining exceptionally strong. As of the end of the quarter, the company reported US$4.0 billion in liquidity and a Liquidity Coverage Ratio of 335%. Additionally, leverage, measured as net debt to equity, improved to 2.45x, down from 2.53x at the end of 2023.
In 2024, DAE announced agreements to acquire 33 aircraft from various counterparties for approximately US$1.6 billion. The acquired aircraft portfolios have a weighted average age of 4.4 years and a remaining lease term of 8.0 years, leased to 17 airlines across 13 countries. The portfolio predominantly consists of 94% narrow-body aircraft by value, with 90% being next-generation technology models.
The company’s order book is secured until the second quarter of 2026; however, there are delays in near-term deliveries due to ongoing uncertainty with Boeing. DAE Engineering reported a year-on-year revenue increase of 35%, reaching US$131 million, while profitability surged by 128% to US$27.6 million. The development of additional state-of-the-art hangar capacity at DAE’s facility in Amman, Jordan, is progressing well, with plans to have an extra five hangar lines operational by the end of 2024.
