Dubai Aerospace Enterprise (DAE), one of the largest aircraft leasing companies in the world, has reported revenues of $1.436 billion for 2018, as compared to $845.8 million in the previous year, marking an increase of 70 per cent.
Profit before tax stood at $428.8 million, up 135 per cent (2017: $182.4 million), while pre-tax profit margin reached 30 per cent.
Firoz Tarapore, chief executive officer 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.
“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. Our performance was recognized by the credit rating agencies with credit rating upgrades from Moody’s and S&P, and a new investment grade rating from KBRA.
“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,” Tarapore concluded. - TradeArabia News Service
DAE 2018 revenue up 70pc to top $1.4bn
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