DAE posts nine months results

Dubai Aerospace Enterprise (DAE) has reported its financial results for the nine months ended September 30, 2021.

Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the first nine months of 2021 demonstrate our continued focus in the leasing division on investing in new technology, fuel-efficient narrow-body aircraft, sales of portfolio aircraft in the secondary market and extending further relief to our airline customers. Since the onset of the pandemic, we have deployed approximately US$2.6 billion of capital commitments for our own balance sheet and on behalf of our aircraft investor partners.

The company reported total revenue of US$925.3 million (nine months ended September 30, 2020: US$984.1 million) and adjusted profit before tax of US$134.4 million (nine months ended September 30, 2020: US$178.8 million).

DAE reported operating cash flow of US$799.7 million (nine months ended September 30, 2020: US$602.7 million) and unsecured debt as a percentage of total debt of 68.6% (year-end 2020: 62.6%). DAE had available liquidity of  US$3,421.9 million at the end of the nine months (year-end 2020: US$2,693.0 million) and a fleet utilisation of 98.8% (year-end 2020: 98.2%).

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