Dubai: Dubai Aerospace Enterprise (DAE) on Wednesday reported a revenue of $307.5 million (Dh1.13 billion) in the first quarter, compared to $352 million (Dh1.29 billion) in the same period a year earlier.
The aircraft lessor’s adjusted profit before tax stood at $25 million (Dh91.83 million) in the first quarter, compared to a profit of $83.8 million (Dh307.80) a year earlier.
“We saw a robust level of business activity in 2021 in both our aircraft leasing and engineering divisions,” said Firoz Tarapore, Chief Executive Officer of DAE.
“Revenue at DAE’s Engineering division hit a record high, and DAE’s Aircraft Leasing division recorded sequential growth in Lease Revenue driven by net additions to our owned portfolio,” said Tarapore.
DAE said it grew its aircraft portfolio by taking delivery of 13 fuel efficient aircraft in the first quarter.
“Air traffic demand in large domestic markets is recovering at an encouraging pace - however, cross-border travel is recovering at a slower and more uneven pace despite considerable pent-up demand globally,” said Tarapore.
“We remain confident that deployment of vaccines in the next six months will be faster and more broad-based than it has been heretofore, and this will form the foundation for the next leg up in international, regional and domestic air travel growth,” he added.