Dubai: Dubai Aerospace Enterprise (DAE) reported revenue of $989.2 million in the first nine months of 2023, compared to $853.9 million in the year-ago period, a 16 per cent increase, the company said on Wednesday.
Profit before exceptional items in the nine months ended September inched up to $207.5 million, compared to $200.6 million during the same period last year.
Commenting on the results, Firoz Tarapore, CEO of DAE, said, “We’re continuing to see strong revenue recovery as our airline customers benefit from strong demand.”
During the third quarter of 2023, the world’s biggest place lessor announced and completed its acquisition of the rights, interests, and obligations of a portfolio of 64 Boeing 737 MAX aircraft.
“This provides certainty to our near-term growth prospects and further deepens our commitment to funding next-generation, fuel-efficient aircraft,” added Tarapore.
Also, during the third quarter, American plane manufacturer Boeing selected Joramco to establish a new Boeing 737-800BCF freighter conversion line in Amman, Jordan.
With this, DAE Engineering’s footprint continues to grow to an expected 22 maintenance lines by the end of 2024, said the company.
“We continue to manage the liability side of our balance sheet actively and announced the signing of our largest ever bank financing, a $1.6 billion multi-tranche financing, structured as a combination of revolving credit and term financing facilities,” he added.
We ended the quarter with available liquidity standing at $3.8 billion and an exceptionally strong liquidity coverage ratio at 269 per cent.
Total assets as of September 30 stood at $12,434.4 million compared to $12,709.1 million at December 31, 2022. This decrease was mainly due to aircraft sold and depreciation charges during the period, the company said.
“Overall, this quarter can be characterised by the significant amount of franchise-enhancing activities, both at DAE Capital and DAE Engineering, as well as the continued strength of our combined businesses as we trend back to, or above, pre-pandemic levels on all fronts,” explained Tarapore.