Dubai-based aircraft leasing firm DAE says revenue surges to $711m from $228m in the first half of 2018
Dubai Aerospace Enterprise (DAE) Ltd announced on Saturday that its revenue for the first half of 2018 more than tripled compared to the year-earlier period.
DAE said in a statement that total revenue rose to $711.4 million from $228.7 million for the same period in 2017.
"The increase reflected a substantial growth in the company’s fleet following the merger with AWAS to 375 owned, managed and committed aircraft and an increase in total assets to $15.5 billion," the company said.
It added that profit before tax surged to $224 million compared to $42.5 million for the same period in 2017 while pre-tax profit margin reached 31.5 percent.
During the period, DAE purchased 15 aircraft, disposed of eight aircraft and closed a total of $774.5 million of borrowings in the first half.
DAE also announced the sale of 16 aircraft with a total market value of $900 million.
DAE also continued to improve its credit and liquidity metrics during the period as unsecured obligations increased significantly with the signing of a four-year revolving credit facility of up to $800 million.
Firoz Tarapore, CEO of DAE, said: "DAE’s strong performance in the first half is the culmination of a lot of hard work that has gone into ensuring a smooth and successful integration and these results would simply not have been achievable without a smooth transition to a combined platform.
"Today, DAE is an exceptionally strong company created by marrying stable and strong ownership with the platform capabilities we acquired last year. Our expectation is for continued improvement in our financial metrics and liquidity profile that will eventually lead to higher credit ratings."