Dubai Aerospace Industries (DAE) has reported total annual revenues of $1.1bn at the end of December 2022. Profit before exceptional items increased by 37% over 2021 figures to $258.6 million. However, the company's profit was impacted by the write-off of $576.5 million for the aircraft assets stuck in Russia.
DAE reported total assets worth $12,709.1 million at December 31, 2022 compared to $12,609.6 million last year, mainly due to asset acquired through business combination which was offset by asset write-off of certain aircraft in Russia not in the Group’s control, decrease in trade and other receivables and other assets.
The lessor's available liquidity was $2,659.9 million at year end, with net debt-to-equity at 264x.
The total number of aircraft in the DAE fleet as of December 31, 2022 was 440, with 330 owned, 104 managed and six committed aircraft. The company purchased 46 owned aircraft which includes aircraft acquired as a result of business combination, and 48 managed aircraft and sold or consigned 12 owned aircraft and 23 managed aircraft.
Commenting on the results, Firoz Tarapore, chief executive officer of DAE, stated: “Our Full Year 2022 financial results reflect continued air travel recovery, and heightened demand for aircraft from airlines globally. We remain active in all origination channels, acquiring 94 aircraft in 2022 for both our owned and managed businesses."
In the final quarter of 2022, DAE completed the acquisition a Sky Fund I with a fleet of 36 modern owned and committed aircraft. Tarapore confirmed that the business was "integrated seamlessly" into the DAE franchise, and helped the lessor finish the year with approximately 50% of its owned fleet comprising of next generation, fuel-efficient aircraft.
DAE Engineering is also reported to have recorded its strongest year ever in 2022, producing 1.3 million billable man hours and servicing over 300 aircraft. "We welcomed new customers from South America and Asia as we expanded our customer reach. Annual revenue exceeded US$100 million for the first time in the company’s history," said Tarapore.