DAE closes 2015 on a positive note
Contributors are not employed, compensated or governed by TD, opinions and statements are from the contributor directly
Recent financial reports from Dubai Aerospace Enterprise (DAE) Ltd state that net income for 2015 was US$610.4 million (AED 2,243 m), an increase of 283% from US$159.5 m (AED 586 m) in 2014.
Revenue for the last year increased to US$408.0 m (AED 1,499 m) from US$389.5 m (AED 1,431 m) for 2014. Revenues for 2014 are restated to exclude results of StandardAero, which was sold in July 2015.
DAE’s managing director Khalifa H AlDaboos said: “2015 was an important year for DAE. The sale of StandardAero in July 2015 marked the first step in reallocating our capital towards building a world-class aerospace footprint anchored in Dubai. The DAE Capital division continued its growth trajectory in 2015. Net book value of the portfolio at year end 2015 grew to approximately US$4 billion (AED 14.5 bn). As of December 2015, DAE Capital has firm commitments to acquire 23 additional aircraft. The team was further augmented in 2015 to support the anticipated future growth of the business.”
Comments are closed.