DAE revenues up by 22% as fleet rises to 112
Dubai Aerospace Enterprise (DAE) Ltd has announced a 22% year-on-year uptick in total revenue for 2016 to $417.8 million.
The Dubai company said during 2016 its net income from continuing operators rose 323% to US$124.9 million. Total net 2016 net income however fell 67% to US$199.0 million viewed against 2015 results which were boosted from gains on the sale of the world's largest independent small gas turbine engine and accessory repair and overhaul facility StandardAero. Shareholder equity grew to US$1.7 billion.
Commenting on the result, DAE Managing Director Khalifa H. AlDaboos said DAE notched up significant achievements in 2016 leaving it poised for further growth. “There is a sizeable opportunity to expand within the aerospace sector in the UAE and the Middle East. DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region,” he said.
Last year’s DAE performance highlights included growth of its owned, committed and managed aircraft portfolio to a 112-strong fleet with a net book value of US $5.1 billion as of 2016 end. New aircraft commitments in excess of US$1.0 billion made during the year; redeployment of capital in DAE’s engineering business, which included the acquisition of 80% of Joramco; the broadening of access to global capital markets, including the inaugural asset-backed issuance of debt and equity notes in the US capital markets and the strengthening of its leadership and management teams with the addition of widely recognized industry veterans.
The company’s Chief Executive Officer Firoz Tarapore said its 2016 performance underscored its single-minded focus on building DAE as “a trusted provider of aircraft leasing and engineering solutions to our clients on a global basis.”