Dubai Aerospace Enterprise (DAE) reported total revenue of $1.14 billion for the year ended December 31, 2022, compared to $1.24 billion in the year-ago period, an 8.12 per cent decline.
Profit before exceptional items increased 37 per cent to $258.6 million for the same period, compared to $188.3 million.
The company acquired 94 aircraft during the period (46 owned, 48 managed) and sold 33 aircraft (10 owned, 23 managed).
Firoz Tarapore, CEO of DAE: “Our full year 2022 financial results reflect continued air travel recovery, and heightened demand for aircraft from airlines globally. We remain active in all origination channels, acquiring 94 aircraft in 2022 for both our owned and managed businesses.
“Our profit before exceptional items increased 37 per cent to $259 million, and our cash flow from operating activities increased by 12 per cent to $1,282 million for the year. Our balance sheet at year-end 2022 remains strong with a net-debt-to-equity ratio of 2.64 times, and a liquidity coverage ratio of 341 per cent.”
During the period, DAE Engineering recorded its strongest year ever in 2022, producing 1.3 million billable man hours and servicing over 300 aircraft.