Dubai: Dubai Aerospace Enterprise (DAE) said on Wednesday its net profit for the third quarter of 2018 nearly tripled year-on-year, following its acquisition of Awas, a jet leasing company based in Ireland.
DAE reported $95.9 million (Dh352.1 million) in profit attributable to owners during the quarter, up from the $32.1 million recorded in the same period in 2017.
The figure brings profits attributable to owners in the first nine months of 2018 to $290.7 million, more than tripling from the $78.8 million in the same nine months last year.
Revenues for the first nine months of this year were also higher, jumping by 124 per cent to reach $1.97 billion.
The jump in earnings comes after DAE completed the acquisition of the Awas group of companies in August 2017, a deal that added over 200 aircraft to DAE’s fleet. The Dubai lessor said at the time that the deal will grow its fleet of owned, managed, and committed aircraft to a value of more than $14 billion.
Financial results from the acquisition were reflected in DAE’s earnings for the third quarter of 2018, the company said.
From an operational perspective, DAE currently has a fleet of 365 aircraft, with 109 customers around the world. In the third quarter of this year, it purchased three new aircraft, and sold 13.
The company also approved during that quarter a $300 million bond repurchase programme, and separately, closed an $800-million revolving loan facility that was launched in May 2018.
Besides the acquisition of Awas, DAE is planning to grow further. In May this year, Firoz Tarapore, DAE’s chief executive officer, told Reuters the company is in talks to buy 400 aircraft from Airbus and Boeing, and is even prepared to make another acquisition if its talks with the manufacturers fall through.