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March 1, 2024

DAE 2023 revenue rises 16% to $1.3bn; profit at $351m

Dubai Aerospace Enterprise (DAE) has seen its 2023 revenue increase 16% to $1.3 billion and the profit for the year reaching $351 million.
The company acquired 20 aircraft in the year (owned: 10; managed: 10), sold 30 aircraft (owned: 22; managed: 8) and acquired a 64 aircraft orderbook position.
Lease agreements, extensions and amendments signed during the year were 150 (owned: 114; managed: 36)
Boeing 737-800BCF conversion line
During the year, DAE was appointed as the Middle East’s first Boeing 737-800BCF conversion line in partnership with Boeing.
It announced the expansion of Joramco’s facilities in Amman, Jordan, which is expected to reach 22 maintenance lines in the second half of 2024.
Morningstar Sustainalytics ESG Risk Rating was 12.5. DAE was industry top-rated and regional top-rated for third year running and has the lowest ESG risk rating of any rated aircraft lessor.
2022 results are adjusted to exclude a net exceptional write-off of $576.5 million related to the loss of control of 19 aircraft that were previously leased to airlines based in Russia. 2023 results are adjusted to exclude cash settlement proceeds of $118.3 million.
Continued strength
Firoz Tarapore, Chief Executive Officer of DAE, stated: “Our Full Year 2023 financial results demonstrates the continued strength of our expanding franchise as we acquired 20 aircraft and a 64 aircraft orderbook with near-term delivery positions.
“Our Engineering division posted record results with sizeable increases in output and revenue. We are continuing to invest in the facility, having broken ground during the year on additional hangar capacity and announcing a partnership with Boeing to become the first facility in the Middle East to be authorised to complete Boeing 737-800BCF conversions.
Trade Arabia