DAE Achieves 36.2% Profit Growth To USD 477.5 Million In Financial Results For 2024

Dubai Aerospace Enterprise (DAE) Ltd has announced its financial results for the year ending 31st December 2024. The company reported a significant profit increase of 36.2%, reaching US$477.5 million, up from US$350.6 million in 2023. Revenue also saw a rise, growing by 9% to US$1.42 billion compared to US$1.31 billion the previous year.

Assets for DAE surpassed US$13 billion by the end of 2024, an increase from US$12.26 billion in 2023. The company acquired a total of 83 aircraft, with 30 owned and 53 managed. During the same period, DAE sold 68 aircraft, comprising 19 owned and 49 managed.

The company signed 233 lease agreements, extensions, and amendments in total, with 190 for owned aircraft and 43 for managed ones. Additionally, DAE placed 17 Boeing 737 MAX aircraft on long-term leases with Turkish Airlines, Eastar Jet, and Hainan Airlines.

In engineering operations, DAE recorded approximately 1.6 million man hours and completed 277 checks. The hangar capacity was expanded by adding more bays, increasing by 30% to a total of 22 bays, including one capable of accommodating an A380.

Firoz Tarapore, CEO of DAE, commented on the results: "We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9% and increasing pre-tax profitability by 45%. This translates into a stellar pre-tax profit margin and return on equity."

He further noted that their balance sheet is stronger than ever before with metrics for capital adequacy, liquidity, and funding well within committed bands. This strength was reflected in ratings actions taken by Moody’s and Fitch during the year.

Engineering Division Achievements

DAE Engineering achieved record performance with revenue increasing year-on-year by 33% to US$186.4 million. Profitability soared by an impressive 94%, reaching US$43.2 million. The addition of a new hangar facility in Amman, Jordan will enhance capacity by about 30%, reinforcing Joramco’s status as a leading airframe MRO provider in the region.

The company's strategic moves have positioned it well within the aviation industry landscape while maintaining robust financial health through effective management practices.

With inputs from WAM