DAE Reports Record Revenue and Net Income for Full Year 2014
Dubai, U.A.E., 20 April 2015 – Dubai Aerospace Enterprise (DAE) Ltd. reported Net Income for 2014 of US$159.5 million (AED 586 million), an increase of 43% from US$111.6 million (AED 410 million) in 2013. Revenue for full year 2014 increased to US$2,112 million (AED 7,761 million) from US$2,105 million (AED 7,735 million) for full year 2013.
DAE Managing Director Khalifa H. AlDaboos said: “The 2014 financial results reflect a sharp improvement in the profitability of the Company. The DAE Engineering division improved its margins as a result of an enhanced focus on operational excellence. We renewed or extended our agreements with OEMs to ensure the franchise’s continued long-term growth. The DAE Capital division continued its impressive asset growth in 2014. The net book value of the portfolio at year-end 2014 was US$3.6 billion (AED 13.4 billion), an increase of 50% in the last three years. DAE Capital placed an order for up to 40 new ATR 72-600 aircraft to ensure future portfolio growth. As of December 2014, DAE Capital has firm commitments to acquire 33 additional aircraft. We continue to build a world-class team and we hired a significant number of new senior team members in 2014.”
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aerospace company specializing in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing. The Company is headquartered in Dubai and operates in four continents and employs approximately 3,500 people. More information can be found on the company’s web site at www.dubaiaerospace.com.