Dubai Aerospace Enterprise (DAE) closed the financial results for the first nine months of 2022 with a cash liquidity of $2.8bn with an increased cash flow from operating activities of $956.6 million. The Group closed the profit before exceptional items with an increase of 125% at $203.6 million.
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, said: “The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet. We continue to see demand for aircraft from airlines globally as travel demand remains resilient.”
The total number of aircraft at the end of September 2022 was 45, out of which 10 were owned and 35 managed. DAE sold 35 aircraft in the first nine months and signed about 125 lease agreements, extensions, and amendments.
“We have remained active in the secondary trading market, both acquiring and divesting assets through this channel. In early October, we announced the acquisition of Sky Fund I Irish, Limited, a company with a fleet of 36 modern aircraft. The acquisition of this very young, predominantly next-generation fleet of aircraft advances our stated goal of maintaining a modern fleet of fuel-efficient aircraft. Upon the close of this acquisition, nearly 50% of our fleet will be comprised of next-generation, fuel-efficient aircraft. We also continued to enhance our ESG standing globally with voluntary disclosure to CDP, one of the world’s leading environmental disclosure platforms, thus furthering our commitment to transparency and disclosure of the environmental impacts of our business,” Firoz added.
DAE ended the nine-month period with total assets worth $11,320 million and net loans of $6,950 million. Going ahead DAE Engineering predicts a strong year-end forecast with all its hangar spaces fully committed for the Q4 of 2022.