Profit before exceptional items rises 49% to US$69.2 million
Dubai, U.A.E., 3 May 2023 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2023. The consolidated financial statements can be found here.
Selected Financial Highlights:
|Three Months Ended
Mar 31, 2023
Mar 31, 2022
|Profit for the period before exceptional items (1)||69.2||46.6|
|Operating Cash Flow||283.8||357.0|
|Exceptional Items, net of tax||–||(537.9)|
|Adjusted Pre-Tax Profit Margin (1)||23.3%||15.3%|
|Adjusted Pre-Tax Return on Equity (1)||9.9%||6.1%|
Mar 31, 2023
Dec 31, 2022
|Net Loans and Borrowings||7,901.4||8,045.9|
|Unsecured Debt Percentage||70.4%||69.8%|
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our first quarter 2023 financial results reflect a strong operating environment for airlines, an improving collections and credit profile, and profitable divestment activity. We have successfully integrated the acquisition of SKY Fund I into our platform following the acquisition in the fourth quarter of 2022.
Our profitability metrics improved substantially during the quarter, and our credit quality and liquidity metrics remained strong. Interest rate volatility allowed us to repurchase US$205 million of principal amount of our bonds during the quarter. We have increased our bond repurchase authorization following additional repurchases in the second quarter.
DAE Engineering continues to expand its offering and reach new milestones. We commenced over 80 checks in the first quarter of 2023, and announced a number of new maintenance agreements, including with Air Europa and Emirates.”
Webcast and Conference Call
In connection with the announcement of DAE’s results for the three months ended March 31, 2023, management will host a conference call on Wednesday, 03 May 2023 at 09:00 EDT / 14:00 BST / 17:00 GST / 21:00 SGT.
Full details of the call can also be accessed live via the link on DAE’s website: www.dubaiaerospace.com/investors.
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|