Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, pivoted to a net profit of $350.6 million for full-year 2023 from a loss of $279.3 million in the year-ago period.

The profit included exceptional items pertaining to the insurance claim settlement of $118 million for its aircraft previously on lease to Aeroflot Russian Airlines, the company said in a statement on Wednesday.

Profit before exceptional items amounted to $248 million, 3.5% higher YoY due primarily to higher revenues and reversal of loss allowance. The DAE had earlier booked a $538 million write-off for its aircraft stranded in Russia.  

Gain on disposal of aircraft was $59.6 million for the year compared with $97.5 million for the year ended December 31, 2022. The lessor sold/consigned 15 owned aircraft compared to the sale/consignment of 12 owned aircraft during the prior-year period.

Total assets were $12.26 billion at December 31, 2023 versus $12.70 billion in 2022.

The lessor, which is fully owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, has a current fleet of 493 aircraft.

(Writing by Brinda Darasha; editing by Seban Scaria)