Dubai Aerospace Enterprise (DAE) has reported its financial results for the year ended December 31, 2021.
Operating profit for the full year 2021 was US$514.4 million compared to US$584.0 million for the full year 2020. 2021 saw a decrease in lease revenue and an increase in expenses offset by an increase in gain on disposal of aircraft.
Operating cash flows for the full year increased by 31.7% to US$1,143.0 million, compared to US$867.9 million for the full year 2020. Adjusted profit for the full year 2021 was US$188.3 million compared to US$228.9 million for the full year 2020.
Total assets in 2021 were US$12,609.6 million, compared to US$12,742.5 million in 2020 and available liquidity was US$2,910.3 million in 2021, compared to US$2,693.0 million in 2020. The company’s liquidity ratio increased to 442.7% on December 31, 2021, from 235.2% on December 31, 2020. Net debt-to-equity ratio was 2.54:1 times at December 31, 2021 compared to 2.57:1 times at December 31, 2020. The total number of aircraft in the fleet as of December 31, 2021 was 385 (December 31, 2020: 374) which consisted of 296 owned (December 31, 2020: 298), 79 managed (December 31, 2020: 66) and ten committed aircraft (December 31, 2020: ten).
During the full year the company purchased 18 owned aircraft (December 31, 2020: 23) and 23 managed aircraft (December 31, 2020: 15) and sold 20 owned aircraft (December 31, 2020: 14) and ten managed aircraft (December 31, 2020: 14). (£1.00 = US$1.36 at time of publication).
