Dubai Aerospace Enterprise (DAE) reported impressive financial results for the first half of 2024, with revenue reaching $679.2 million, marking a significant year-on-year increase. The company’s profit before tax also saw a substantial rise, climbing 22.7% to $154.3 million, and its pre-tax return on equity hit 11%.
Firoz Tarapore, CEO of DAE, attributed this growth to the robust demand for leased aircraft and airframe maintenance. He highlighted the company’s strong financial position, with a liquidity of $4.9 billion and recent upgrades to its long-term credit ratings from Moody’s and Fitch Ratings.
Tarapore expressed optimism about the second half of the year, noting that the market for buying and selling aircraft remains active. DAE is actively exploring potential acquisitions and divestments of aircraft portfolios.
Key Highlights of Dubai Aeropace:
- Revenue: $679.2 million for H1 2024
- Profit Before Tax: $154.3 million, up 22.7% year-on-year
- Pre-Tax Return on Equity: 11%
- Liquidity: $4.9 billion
- Credit Rating Upgrades: Moody’s and Fitch Ratings
DAE expects continued growth and remains committed to maintaining capital adequacy and exceptional liquidity. The company anticipates the trading market for aircraft to stay robust, aiming for an active second half of 2024.
