Profit before exceptional items rises 125% to $203.6 million
Dubai, U.A.E., 3 November 2022 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the nine months ended September 30, 2022. The consolidated financial statements can be found here.
Selected Financial Highlights:
|Nine Months Ended
Sep 30, 2022
Sep 30, 2021
|Profit for the period before exceptional items (1)||203.6||90.5|
|Operating Cash Flow||956.6||799.7|
|Exceptional Items, net of tax||(537.9)||–|
|Adjusted Pre-Tax Profit Margin (1)(2)||23.5%||14.5%|
|Adjusted Pre-Tax Return on Equity (1)(2)||8.7%||6.0%|
Sep 30, 2022
Dec 31, 2021
|Net Loans and Borrowings||6,950.8||7,813.7|
|Net Debt to Equity||2.35x||2.54x|
|Unsecured Debt Percentage||72.1%||69.8%|
Selected Business and Operating Highlights:
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet. We continue to see demand for aircraft from airlines globally as travel demand remains resilient.
We have remained active in the secondary trading market, both acquiring and divesting assets through this channel. In early October, we announced the acquisition of Sky Fund I Irish, Limited, a company with a fleet of 36 modern aircraft. The acquisition of this very young, predominantly next generation fleet of aircraft advances our stated goal of maintaining a modern fleet of fuel-efficient aircraft. Upon the close of this acquisition, nearly 50% of our fleet will be comprised of next generation, fuel-efficient aircraft. We also continued to enhance our ESG standing globally with a voluntary disclosure to CDP, one of the world’s leading environmental disclosure platforms, thus furthering our commitment to transparency and disclosure of the environmental impacts of our business.
DAE Engineering achieved yet another quarter of record revenues as it continues to execute its multi-year strategic roadmap. With all hangar space fully committed for the final quarter of the year, we expect DAE Engineering to record its strongest year ever in 2022.”
Webcast and Conference Call
In connection with the announcement of DAE’s results for the nine months ended September 30, 2022, management will host a conference call on Thursday, November 03, 2022 at 09:30 EDT / 13:30 GMT / 17:30 GST / 21:30 SGT.
Full details of the call can also be accessed live via the link on DAE’s website:
Forward Looking Statements
Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE’s current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE’s control.
Non-IFRS Financial Information
This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes.
* ENDS *
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE Capital is an award-winning aircraft lessor and financier with an owned, managed, committed, and mandated to manage fleet of approximately 450 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$15 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s web site at www.dubaiaerospace.com.
For further information, please contact:
|Media||Fixed Income Investors|
|Arne Bevaart||Deion McCarthy|
|+971 4 428 9591||+971 4 428 9576|