Dubai Aerospace bought back shares worth Dh1.3b in 2020
The company has a fleet of 425 aircraft as per its latest update
Dubai: Dubai Aerospace Enterprise (DAE) on Sunday said it bought back outstanding shares worth $350 million (Dh1.3 billion) in 2020. The aircraft lessor’s bond repurchases were worth $192 million (Dh705,000) in the same period.
DAE said it signed 125 lease agreements and extensions in 2020 and that its year-end fleet utilization stood at 98.2 per cent.
This comes after DAE reported a 36 per cent fall in profit for the nine months ended September 30, 2020. Net income dropped to $167.3 million (Dh614.49 million) during the period, compared to $260.5 million (Dh956.82 million), a year earlier.
The firm had signed agreements to acquire 31 aircraft with a total value of about $1.1 billion, of which about $200 million was booked in the third quarter. The remainder is expected to be booked in the fourth quarter and the next year.
In its latest update, DAE said it purchased 38 aircraft in 2020; in the same period, the company also sold 28 aircraft. Its total fleet – including owned, managed and committed aircraft – now stands at about 425.