Dubai Aerospace Enterprise (DAE) reported a profit of $203.6 million in the nine months ended September 2022, compared to $90.5 million in the year-ago period, it said on Wednesday.
Total revenue for the nine months to September 2022 stood at $853.9 million, compared to $925.3 million in the same period a year ago.
During the nine months ended September 30, there was an increase in the gain on disposal of aircraft and a decrease in lease revenue accompanied by a decrease in depreciation and loss allowance, the company said.
“There was an asset write-off of $576.5 million relating to certain aircraft in Russia not in the group’s control,” DAE said in a statement.
The total number of aircraft in the fleet at September 30, 2022 was 400 (compared to 385 on December 31, 2021), which consisted of 294 owned (vs 296), 91 managed (vs 79) and 15 committed aircraft (vs 10).
During the nine months, the company purchased 10 owned aircraft (vs 18) and 35 managed aircraft (vs 23) and sold 12 owned aircraft (vs 20) and 23 managed aircraft (vs 10).
As of September 30, the aggregate book value of the owned fleet, including aircraft predelivery payments, aircraft held-for-sale and finance lease and loan receivables, was $9.952 billion. In addition, the estimated value of the managed fleet was $2.6 billion.
DAE is fully owned indirectly by Investment Corporation of Dubai, the principal investment arm of the Government of Dubai.