DAE revenue soars to record $2.1bn
Dubai, April 29, 2014
Dubai Aerospace Enterprise (DAE), the largest aircraft leasing firm in the Middle East, said its revenue for the whole of 2013 surged to a record $2.1 billion from $1.94 billion the previous year.
The net income rose to $111.6 million from $7.8 million in 2012, said the company in a statement.
DAE managing director Khalifa H. AlDaboos said: "The 2013 financial results reflect continued strong performance from both divisions: DAE Engineering and DAE Capital. The DAE Engineering division was restructured in 2013 to create an organization structure that is more efficient and more responsive to our customers."
"New leadership at the Engineering division is contributing to continuing improvement in margins and performance metrics. The DAE Capital division continued its growth trajectory in 2013 by adding high quality assets on lease to leading airlines," he noted.
"The net book value of the portfolio grew by approximately $900 million during the last two years and currently stands at $3.3 billion. We are adding key resources to the team and positioning DAE Capital for successful growth," stated AlDaboos.
DAE is a globally recognized aerospace company specializing in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing.
The company is headquartered in Dubai and operates in four continents and employs approximately 4,000 people.-TradeArabia News Service