DAE Reports Full Year 2016 Financial Results – Revenue and Net Income from Continuing Operations at record levels
Dubai, U.A.E., 11 April 2017 – Dubai Aerospace Enterprise (DAE) Ltd. reported financial results for full year 2016.
- Total Revenue: US$417.8 million (AED 1,534 million) for full year 2016, an increase of 22% from US$341.7 million (AED 1,255 million) for full year 2015.
- Net Income from Continuing Operations: US$124.9 million (AED 459 million) for full year 2016, an increase of 323% from US$29.5 million (AED 108 million) for full year 2015.
- Total Net Income: US$199.0 million (AED 731 million) for full year 2016, a decrease of 67% from US$610.4 million (AED 2,241 million) for full year 2015. (2015 results included a gain on the sale of StandardAero.)
- Results for 2015 included amounts reclassified from continuing operations to discontinued operations for the impact of the FALCON 2017-1 ABS transaction.
DAE Managing Director Khalifa H. AlDaboos said: “DAE continued its journey to becoming an established industry player with many significant achievements in 2016. There is a sizeable opportunity to expand within the aerospace sector in the UAE and the Middle East. DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region.”
DAE Chief Executive Officer Firoz Tarapore said: “Our accomplishments in 2016 underscore our single-minded focus on building DAE as a trusted provider of aircraft leasing and engineering solutions to our clients on a global basis.
- Continued growth of the owned, committed and managed aircraft portfolio – 112 aircraft with a net book value of US$5.1 billion (AED 18.7 billion) at year-end 2016
- New aircraft commitments in excess of US$1.0 billion (AED 3.7 billion) during calendar year 2016
- Redeployment of capital in the engineering side of our business – acquisition of 80% of Joramco in September 2016
- Further strengthening of the balance sheet – shareholders’ equity grew to US$1.7 billion (AED 6.2 billion)
- Broadening access to global capital markets – inaugural asset-backed issuance of debt and equity notes in the US capital markets
- Strengthening of leadership and management teams with the addition of widely recognized industry veterans”
- Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized and award winning aerospace company headquartered in Dubai. More information can be found on the company’s web site at www.dubaiaerospace.com.
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