Dubai: Abu Dhabi’s Sanad Group, a global aerospace engineering and leasing solutions company, reported Dh2.3 billion in revenue for the first half of 2024. Owned by Mubadala Investment Company PJSC, Sanad projects full-year revenues of Dh4.5 billion.
Its core maintenance, repair, and overhaul (MRO) and leasing divisions contribute significantly to revenue. “The company projects continued growth in its topline and is expecting to generate revenues of Dh4.5 billion by the end of this year, marking a 28 per cent increase over 2023 and doubling the revenue of 2022,” said Sanad.
Amer Siddiqui, Sanad’s Group Chairman, said, “Sanad’s vision to become a global aviation services champion is driven by a commitment to continuous innovation and industry-leading service standards. Our robust performance reflects our steadfast commitment to our strategic vision, which supports the UAE’s aviation ambitions on the global stage.”
Sanad partners with over 30 customers spanning six continents, including international airlines and global Original Equipment Manufacturers (OEMs).
New businesses
The Group said approximately 96 per cent of Sanad’s revenue was generated outside the UAE, and partnerships with Asiana Airlines and Deucalion Aviation increased Sanad’s global order book to Dh33 billion. Moreover, investments exceeding Dh100 million in the LEAP MRO Center have boosted Sanad’s growth. The Group’s MRO division inducted 70 engines during H1 2024, with 160 planned for the year, marking a 22 per cent increase from 2023.
The resurgence in global air travel demand and new strategic agreements with Deucalion Aviation and Asiana Airlines drive this growth.
Investments exceeding Dh 100 million in capability development and facility upgrades alongside increased engine inductions of the CFM LEAP, Rolls-Royce Trent 700, International Aero Engines V2500, and GE Aerospace GEnx models showcase Sanad’s increased capacity and capabilities.
The Leasing division’s sale of two CFM56-7B engines to CFM Materials, along with the completion of the sale of the GE90 engines to AerCap, demonstrates its strong focus on executing its renewed strategy.
Leasing division
Mansoor Janahi, Sanad’s Managing Director and Group CEO, said, “As we look ahead, we are confident in our ability to continue delivering value and quality to our stakeholders and achieving our vision of becoming a global MRO champion.”
The company’s workforce increased by 25 per cent to 530 employees in H1 2024, and it targets 630 by year-end. Emiratis comprise 28 per cent of the total employee base, and the company aims to achieve 30 per cent by year-end.
Sanad is focused on leveraging operational performance to drive further growth, exploring geographic expansion, and diversifying services, including potential growth in its Airport Services division.
