Profit before exceptional items rises 37% to US$258.6 million
Dubai, U.A.E., 8 February 2023 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the year ended December 31, 2022. The consolidated financial statements can be found here
Selected Financial Highlights:
Dec 31, 2022
Dec 31, 2021
|Profit for the period before exceptional items (1)||258.6||188.3|
|Operating Cash Flow||1,281.8||1,143.0|
|Exceptional Items, net of tax||(537.9)||–|
|Adjusted Pre-Tax Profit Margin (1)(2)||21.1%||15.9%|
|Adjusted Pre-Tax Return on Equity (1)(2)||8.2%||6.7%|
Dec 31, 2022
Dec 31, 2021
|Net Loans and Borrowings||8,045.9||7,813.7|
|Net Debt to Equity||2.64x||2.54x|
|Unsecured Debt Percentage||69.8%||69.8%|
Selected Business and Operating Highlights:
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our Full Year 2022 financial results reflect continued air travel recovery, and heightened demand for aircraft from airlines globally. We remain active in all origination channels, acquiring 94 aircraft in 2022 for both our owned and managed businesses.
Our profit before exceptional items increased 37% to US$259 million, and our cash flow from operating activities increased by 12% to US$1,282 million for the year. Our balance sheet at year-end 2022 remains strong with a net-debt-to-equity ratio of 2.64 times, and a liquidity coverage ratio of 341%.
In the final quarter of 2022, DAE completed the acquisition of a company with a fleet of 36 modern owned and committed aircraft. The business was integrated seamlessly into our franchise, and we finished the year with approximately 50% of our owned fleet comprising of next generation, fuel-efficient aircraft.
DAE Engineering recorded its strongest year ever in 2022, producing 1.3 million billable man hours and servicing over 300 aircraft. We welcomed new customers from South America and Asia as we expanded our customer reach. Annual revenue exceeded US$100 million for the first time in the company’s history.”
Webcast and Conference Call
In connection with the announcement of DAE’s results for the year ended December 31, 2022, management will host a conference call on Wednesday, February 08, 2023 at 09:00 EST / 14:00 GMT / 18:00 GST / 22:00 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 500 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$17 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|