Financial results for the past nine months are released by Dubai Aerospace Enterprise

The financial results for the nine months ended September 30, 2022, were released today by Dubai Aerospace Enterprise (DAE) Ltd. Profit before exceptional items increased 125% to US$203.6 million, while cash flow from Operating Activities increased 20% to US$956.6 million.
The company also announced available liquidity of US$2.8 billion; liquidity Coverage Ratio of 743%, net Debt-to-Equity of 2.35x, and bond repurchases of US$135 million.
According to Dubai Aerospace, the number of aircraft acquired is 45 (owned: 10; managed: 35), the number of aircraft sold is 35 (owned: 12; managed: 23), and the number of lease agreements, extensions, and amendments signed: 125 (owned: 95; managed: 30). In addition, owned portfolio revenue utilization is 98%, while owned portfolio cash collections rate (3) is 103%
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet. We continue to see demand for aircraft from airlines globally as travel demand remains resilient.
He said: ”We have remained active in the secondary trading market, both acquiring and divesting assets through this channel. In early October, we announced the acquisition of Sky Fund I Irish, Limited, a company with a fleet of 36 modern aircraft. The acquisition of this very young, predominantly next-generation fleet of aircraft advances our stated goal of maintaining a modern fleet of fuel-efficient aircraft. Upon the close of this acquisition, nearly 50 percent of our fleet will be comprised of next-generation, fuel-efficient aircraft. We also continued to enhance our ESG standing globally with voluntary disclosure to CDP, one of the world’s leading environmental disclosure platforms, thus furthering our commitment to transparency and disclosure of the environmental impacts of our business.
In line with the ongoing execution of its multi-year strategic strategy, DAE Engineering produced yet another quarter of record sales. We anticipate DAE Engineering to have its best year ever in 2022 because all of the hangar space has already been fully committed for the year’s final three months.