Dubai Aerospace Enterprise (DAE) Ltd has announced that net income for 2016 fell by 67 percent despite a rise in total revenue.
The aircraft leasing firm said revenue reached $417.8 million for the full year, an increase of 22 percent, but total net income fell to $199 million.
It added that the 2015 results included a gain on the sale of StandardAero, one of the world's largest independent MRO platforms with clients in over 70 countries.
In January, DAE announced that it had hired Bertrand Grabowski as senior strategic advisor as it eyes 25 percent growth in its portfolio in 2017.
Khalifa H AlDaboos, DAE managing director, 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 CEO Firoz Tarapore added: “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."
DAE said it had 112 aircraft with a net book value of $5.1 billion at year-end 2016.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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