Dubai Aerospace posts 43% jump in net income to $159.9m in 2014

Dubai: Dubai Aerospace Enterprise (DAE), a majority Dubai government-owned aircraft leasing and maintenance company, reported on Monday a 43 per cent increase in net income for 2014.

The aerospace company made $159.9 million (Dh586 million) for the 12 months ending December 31, 2014 compared to the $111.6 million it made a year earlier. Revenue for the year was $2.112 billion, up from $2.105 billion in 2013, the company stated.

“The 2014 financial results reflect a sharp improvement in the profitability of the company,” Khalifa H. Al Daboos, DAE Managing Director, said in a stetement.

DAE suffered huge losses in the wake of the 2008-09 slowdown but has made gains in the past two years. Last year, it ordered 20 turboprop ATR 72-600s with options for a further 20.

“The DAE Engineering division improved its margins as a result of an enhanced focus on operational excellence. We renewed or extended our agreements with OEMs [original equipment manufacturers] to ensure the franchise’s continued long-term growth,” Al Daboos said.

The DAE Capital division saw its asset value increase to $3.6 billion in 2014, a 50 per cent increase in the last three years.

“As of December 2014, DAE Capital has firm commitments to acquire 33 additional aircraft,” Al Daboos said.