DAE Announces 36.2% Increase In Profits To US$ 477.5 Million In 2024

Muhammad Irfan Published February 05, 2025 | 09:15 PM

DUBAI, (UrduPoint / Pakistan Point News / WAM - 05th Feb, 2025) Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the year ended 31st December 2024, posting a 36.2% growth in profits to US$477.5 million in 2024 from US$ 350.6 million in 2023.

According to financial results, revenues grew by 9% in 2024 to US$1.42 billion from US$1.31 billion in 2023. Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.

Selected business and Operating Highlights:
• Number of aircraft acquired: 83 (owned: 30; managed: 53)
• Number of aircraft sold: 68 (owned: 19; managed: 49)
• Lease agreements, extensions, and amendments signed: 233 (owned: 190; managed: 43)
• Placed on long-term lease 17 Boeing 737 MAX aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines.
• Number of man hours booked (DAE Engineering): ~1,600,000
• Number of checks performed (DAE Engineering): 277
• Increased hangar capacity by 30% by expanding the number of bays to 22, including one A380 capable bay.

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9% and increasing pre-tax profitability by 45%. This translates into a stellar pre-tax profit margin and return on equity. Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands, which was reflected in ratings actions taken by both Moody’s and Fitch during the year.

"DAE Engineering continues to deliver record performance with revenue increasing year-on-year by 33% to US$186.4 million, and profitability increasing by 94% to US$43.2 million. The addition of a state-of-the-art hangar with five new lines at our facility in Amman, Jordan, will augment our capacity by approximately 30%, further cementing Joramco’s position as one of the leading airframe MRO providers in the region.”