DAE reports financial results for nine months ended September 30, 2020

©Dubai Aerospace Enterprise (DAE)

Dubai Aerospace Enterprise (DAE) has reported its financial results for the nine months ended September 30, 2020. The company reported total revenue of US$984.1 million, compared to US$1,085.1 million for the same period in 2019. Net income totaled US$167.3 million, compared to US$260.5 million the previous year.

During the third quarter of 2020, DAE signed agreements to acquire 31 aircraft with a total value of approximately US$1.1 billion, of which approximately US$0.2 billion was booked in the third quarter of 2020 and the remainder will be booked in the fourth quarter of 2020 and in 2021.

DAE ended the period with available liquidity of US$2.1 billion after repaying a US$430 million bond in August. Furthermore, the company ended the quarter with strong capital levels – its Net Debt-to-Equity ratio was below 2.5x.

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