Dubai Aerospace Enterprise (DAE) has reported total revenue of US$1.238bn for the year ended December 31, 2021, a slight decrease over 2020 figures of $1.3bn. DAE’s total net profit was $196.6 million, down over last year’s $250.2million. DAE’s adjusted pre-tax profit margin is 15.9%, with a return on equity of 6.7%.
At the end of 2021, DAE’s net debt-to-equity was 2.54x, with available liquidity of $2.9bn. DAE’s unsecured debt percentage was 69.8% at year end.
During the year, DAE ordered and placed on long-term lease 14 Boeing 737 MAX 8 aircraft. The company also increased the number of aircraft under management to 79.
DAE has also recorded the highest annual revenue and aircraft maintenance events at DAE Engineering. The company was awarded the ESG Industry Top-Rated and ESG Regional Top-Rated accreditations for 2021 from Sustainalytics.
“Our financial results for the full year are indicative of the of the actions we took over the last year to strengthen the franchise. We ended the year with a robust balance sheet, exceptional liquidity, high fleet utilization, and are positioned well to capture opportunities for growth as markets reopen in 2022,” said Firoz Tarapore, Chief Executive Officer of DAE. “Requests for relief and support from our clients have stabilized. Our collection rate returned to 100% in the final quarter of 2021. Our operating cashflow for the year increased to US$1,143.0 million in the year, up from US$867.9 million in 2020. The amount of capital DAE deployed both for our own balance sheet and for our aircraft investor partners since the onset of the pandemic passed US$3.0 billion.
“We placed an order with Boeing for new, fuel-efficient aircraft, which we have all been placed on long-term leases. We transitioned narrow- and wide-body aircraft in difficult market conditions to provide capacity to carriers who wanted to be ready for resumption of demand. We refinanced a record amount of debt to lower our interest expense and stagger debt maturities.
“DAE Engineering is seeing record revenue and demand for airframe maintenance, repair, and overhaul (MRO) services. We passed one million man-hours billed in 2021 for the first time in our history, and inducted a record 360 aircraft in 2021.”