Dubai Aerospace announces financial results for 2019

FY profit $377.5mln versus $372.9mln year ago

DAE’s new Boeing 737 MAX 8.

DAE’s new Boeing 737 MAX 8.

DAE/Handout via Thomson Reuters Zawya

DUBAI - Dubai Aerospace Enterprise, DAE, reported its financial results for full year 2019 on Wednesday, announcing a total revenue of US$1,421.3 million.

H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAE, commented, "The growth of DAE in the last few years has boosted the contribution of aviation to Dubai’s success. DAE has executed its strategy effectively and is today a successful, large-scale lessor with more than 400 aircraft in its portfolio. We are pleased with the progress DAE has made with the support it has received from ICD." Khalifa AlDaboos, Managing Director of DAE and Deputy Chief Executive Officer of ICD, said, "DAE has distinguished itself in the marketplace by creating a differentiated go-to-market strategy.

This has translated into high and stable returns and a market leading position. In 2019, we at ICD increased our ownership percentage of DAE to 100 percent. We are delighted with DAE’s performance so far and look forward to growing the franchise in the future."

Commenting on the financial results for 2019, Firoz Tarapore, Chief Executive Officer of DAE, said, "2019 was a breakout year for us in terms of growing our aircraft asset management business. In 2019, we received the largest single mandate in the industry to source and manage aircraft assets. Our profitability, capital adequacy and liquidity metrics remain very strong. In 2019, we further boosted our percentage of unsecured debt, dramatically enhanced our liquidity profile and reported head-of-class efficiency metrics."

© Copyright Emirates News Agency (WAM) 2020.

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