Dubai Aerospace Enterprise (DAE) reported a 45 percent increase in pre-tax profits for the full year 2024 and a revenue growth of 9 percent. The total revenue for the year ending Dec 31, 2024 was $1,429.6 million comapared to $1,315.7 million in 2023. Profit before tax was $532.3 million compared to $366.3 million in 2023. Operating cash flow was $1,386 campared to $1,233.2 million.
Total assets of the company amounted to $13.033 billion at the end of 2024 compared to $12.262 billion in 2023.
Selected business and operating highlights:
• Number of aircraft acquired: 83 (owned: 30; managed: 53)
• Number of aircraft sold: 68 (owned: 19; managed: 49)
• Lease agreements, extensions, and amendments signed: 233 (owned: 190; managed: 43)
• Placed on long-term lease 17 Boeing 737 MAX aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines.
• Number of man hours booked (DAE Engineering): ~1,600,000
• Number of checks performed (DAE Engineering): 277
• Increased hangar capacity by 30 percent by expanding the number of bays to 22, including one A380 capable bay.
• Upgraded by Fitch Ratings and Moody’s Ratings to BBB and Baa2, respectively.
• Morningstar Sustainalytics ESG Risk Rating: 12.3; Industry Top-Rated and Regional Top-Rated for fourth year running
Firoz Tarapore, Chief Executive Officer of DAE, stated: “We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9 percent and increasing pre-tax profitability by 45 percent. This translates into a stellar pre-tax profit margin and return on equity. Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands, which was reflected in ratings actions taken by both Moody’s and Fitch during the year.
“Demand for aircraft from airline customers remains strong. At year-end 2024, all our aircraft were either on long-term leases or under LOI with airline customers, and our order book positions until mid-2026 are committed on long-term leases to airline customers,” he said.
DAE Engineering continues to deliver record performance with revenue increasing year-on-year by 33 percent to $186.4 million, and profitability increasing by 94 percent to $43.2 million, said Tarapore.
“The addition of a state-of-the-art hangar with five new lines at our facility in Amman, Jordan, will augment our capacity by approximately 30 percent, further cementing Joramco’s position as one of the leading airframe MRO providers in the region,” he said.
