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Mon 25 Feb 2019 02:43 PM

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Dubai Aerospace Enterprise posts $1.4bn revenue, up 70%

Middle East's largest aircraft leasing company also reports 135% jump in pre-tax profit for 2018

Dubai Aerospace Enterprise posts $1.4bn revenue, up 70%

Dubai Aerospace Enterprise (DAE), the Middle East's largest aircraft leasing company, on Monday reported a 70 percent jump in revenue to over $1.4 billion in 2018.

The company also announced pre-tax profits for the year of $428.8 million, up 135 percent compared to the previous year.

Firoz Tarapore, CEO of DAE, said: “DAE continued to build on its unique strengths and platform capabilities, a 33-year knowledge base, deep customer relationships, strong access to capital and stable and supportive ownership to position itself as a premier leasing and engineering company.

"2018 was the first full year of the combined leasing company’s operations following the acquisition of AWAS in August 2017. 2018 was also the first full year of the engineering division under new leadership and full transformation of the division into a top-tier global competitor.

"During 2018, we recorded strong financial and operational performance across our businesses."

He added: "We also took concrete steps to strengthen the quality of our balance sheet as evidenced by improvements in our unsecured funding and available liquidity metrics.

"As we enter 2019, our financial metrics are stronger than ever and we are well positioned on our journey to become an investment grade rated company from all of the major credit rating agencies.”

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