Dubai Aerospace Enterprise revenue up 15% at $670.1 million in H1 2023

Dubai: Dubai Aerospace Enterprise (DAE) reported revenue of $670.1 million in the first six months of 2023, compared to $582.8 million in the year-ago period, a 15 per cent increase, the company said on Wednesday.

Profit for the period stood at $141.1 million, compared to a loss of $397.8 million in the same period last year.

Operating profit for the six months ended June 30 was $319.8 million compared to an operating loss of $321.7 million in the year-ago period.

Firoz Tarapore, CEO of DAE, stated: “Our first half 2023 results continue to demonstrate the strong demand we are seeing in the market for aircraft from our airline customers. COVID-era deferral programs are being repaid ahead of schedule and secondary market aircraft valuations remain robust. This resulted in revenue growth of 15 per cent compared to the first six months of 2022.

“We have continued with our program of active liability management, repurchasing a further $102 million of principal amount of our bonds during the quarter, bringing the total to $307 million in the first six months of 2023. We had $368 million of remaining bond repurchase authorisation at the end of the quarter. Our liquidity coverage ratio remains exceptionally strong at 281 per cent, and our available liquidity is $2.3 billion.”

Total assets as of June 30 stood at $12,224.4 million compared to $12,709.1 million at December 31, 2022. This decrease was mainly due to aircraft sold and depreciation charge during the period, the company said.

There were 429 aircraft in the group’s fleet as on June 30, compared to 440 on December 31 last year. This included 322 owned planes, 103 managed and four committed aircraft. In the six months, the company purchased two owned aircraft and five managed aircraft, and sold or consigned 10 owned aircraft and six managed aircraft.