DAE announces Financial Results for the three months ended March 31, 2024

| DAE Capital | DAE Group | Engineering

Total Revenue increases 9% to US$344 million

Arabic version

Dubai, U.A.E., 1 May 2024 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2024. The consolidated financial statements can be found here.

Selected Financial Highlights:

Three months ended

US$ millions

Mar 31, 2024

Mar 31, 2023

Total Revenue 343.6 315.2
Profit before Tax 69.7 73.5
Operating Cash Flow 324.1 283.8
Pre-Tax Profit Margin 20.3% 23.3%
Pre-Tax Return on Equity 9.7% 9.9%
As at

US$ millions

Mar 31, 2024

Dec 31, 2023

Total Assets 12,077.7 12,262.5
Net Loans and Borrowings 7,449.3 7,592.1
Available Liquidity 4,963.9 4,062.2
Net-Debt-to-Equity 2.47x 2.53x
Unsecured Debt Percentage 74.1% 73.3%
Liquidity Coverage Ratio 249% 290%


Selected Business & Operational Highlights:

  • Number of aircraft acquired: 5 (owned: 1; managed: 4)
  • Number of aircraft sold: 6 (owned: 5; managed: 1)
  • 100% of 2024 order book placed; 100% 2025 737-8 order book placed
  • Lease agreements, extensions, and amendments signed: 42 (owned: 35; managed: 7)
  • Owned portfolio contracted: 100%*
  • Number of man hours booked: ~440,000
  • Number of checks performed: 92

* Includes aircraft subject to Letter of Intent.

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Strong demand for aircraft leasing and maintenance services drove Total Revenue growth of 9% in the first quarter. Our order book positions until 2026 are committed on long-term leases to top rated airline customers. Cash Flow from Operations increased by 14% and our Available Liquidity climbed to US$5.0 billion.

We continue to explore opportunities to grow the fleet count in our Leasing division, and available hangar capacity in our Engineering division.”

Webcast and Conference Call

In connection with the announcement of DAE’s results for the three months ended March 31, 2024, management will host a conference call on Wednesday, May 01, 2024 at 09:00 EDT / 14:00 BST / 17:00 GST / 21:00 SGT.

The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and quoting ‘Dubai Aerospace Enterprise’ when prompted.

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 *

About DAE

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 with an owned, managed, committed, and mandated to manage fleet of approximately 500 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$18 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 
Omar Alziri Deion McCarthy
+971 4 428 9554 +971 4 428 9576
press.office@dubaiaerospace.com investorrelations@dubaiaerospace.com