DUBAI: Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the six months ended June 30, 2023.

Selected Financial Highlights:

Revenue increased by 15 percent to US$670.1 million

Profit before tax and exceptional items increased by 13 percent to US$150.4 million

Available liquidity of US$2.3 billion; Liquidity Coverage Ratio of 281 percent

Net Debt-to-Equity of 2.50x; Unsecured Debt Percentage of 73.3 percent

Open market bond repurchases of US$307 million

Selected Business & Operational Highlights:

Number of aircraft acquired: 7 (owned: 2; managed: 5)

Number of aircraft sold: 16 (owned: 10; managed: 6)

Lease agreements, extensions and amendments signed: 64 (owned: 48; managed: 16)

Customers: 117; Countries: 60

Owned Fleet Average Age (years): 7.1

Owned Fleet Average Lease Term Remaining (years): 6.0

DAE Capital Percentage of Next Generation, Fuel Efficient Aircraft: 50.3%

DAE Engineering Available Man Hours: 0.7 million; Number of Aircraft Inductions: 177

Fitch Ratings Outlook revised to Positive from Stable

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our first half 2023 results continue to demonstrate the strong demand we are seeing in the market for aircraft from our airline customers. COVID-era deferral programmes are being repaid ahead of schedule and secondary market aircraft valuations remain robust. This resulted in revenue growth of 15 percent compared to the first six months of 2022.''

‘’We have continued with our programme of active liability management, repurchasing a further US$102 million of principal amount of our bonds during the quarter, bringing the total to US$307 million in the first six months of 2023. We had US$368 million of remaining bond repurchase authorization at the end of the quarter. Our liquidity coverage ratio remains exceptionally strong at 281percent, and our available liquidity is US$2.3 billion.''

‘’Our profitability metrics continue to trend towards pre-pandemic levels. The resilience of our business model continues to be demonstrated by the strength of our credit quality and funding metrics in the quarter. In addition, during the quarter, Fitch Ratings revised its Outlook on DAE to Positive from Stable,'' he added.

DAE Engineering continues to increase its global footprint and grow its widebody maintenance offering with expanding relationships in Asia Pacific and the Americas.

During the quarter, Joramco announced that Joramco Academy, one of the few training institutions in the Middle East with EASA approval, is extending its training offering with expansion in Ghana through a partnership with locally based Aerojet Aviation.”