Dubai Aerospace net income up 110pc
Dubai, April 24, 2012
Dubai Aerospace Enterprise (DAE) said its full year net income for 2011, excluding non-recurring items, surged 110 per cent to hit Dh298.7 million ($81.3 million) compared to Dh142.6 million the previous year.
DAE is a globally recognized aerospace company specializing in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing.
The Dubai-headquartered company said its revenue for the full year increased to Dh6.62 billion from Dh5.92 billion, while its net income grew 10-fold from Dh37.8 million in 2010 to Dh447.1 million.
On the results, DAE chairman Sheikh Ahmed bin Saeed al-Maktoum said: “I am pleased with the way in which DAE built on its market position in 2011 and reported record revenues and profits for the year.”
Managing director Khalifa H. AlDaboos said: “DAE demonstrated its earnings power in 2011 with each division contributing towards the record results of the company. Our strong equity base allows us to be a long-term competitor in our chosen markets.”-TradeArabia News Service
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