Dubai Aerospace Enterprise (DAE) has shared impressive financial results for the nine months ending September 30, 2024. The company reported a net profit of $310.8 million, which is a significant increase of 54.9% compared to the same period last year, adding $110.2 million to its profits. The profit before tax also rose to $326.6 million, up from $207.5 million the previous year.
Total revenue for this period reached $1.017 billion, showing a modest increase of 2.8%. Operating profit, before accounting for exceptional items, increased by 10.2% to $512.1 million. DAE’s total assets grew to $12.771 billion, up from $12.262 billion last year.
The company has been active in expanding its aircraft portfolio, agreeing to buy 23 new aircraft worth about $1.1 billion, mostly narrow-body models. So far this year, DAE has acquired a total of 47 aircraft and has signed 103 lease agreements and amendments.
CEO Firoz Tarapore noted that the profit before tax rose by 57%, resulting in a pre-tax profit margin of 23% and a return on equity of 11%. He emphasized that the company has strong liquidity, with $4.0 billion available and a Liquidity Coverage Ratio of 335%.
In addition, DAE Engineering experienced a revenue boost of 35%, reaching $131 million, with profits soaring by 128% to $27.6 million. The company is also making good progress with its expansion efforts at the Amman facility, which is set to be completed by the end of 2024.
