December 6, 2022

Dubai Aerospace Enterprise reports 186% growth in profit in the first six months

DUBAI, Dubai Aerospace Enterprise (DAE) Ltd today has reported an increase of 186 percent in its profit for the first six months of this year, reaching US$140.1 million.

According to the company’s financial results, cash flows from operating activities increased by 36 percent to $678.5 million.

The company reported available liquidity of US$2.7 billion, saying that its new capital commitments for aircraft purchases was $750 million.

DAE said that it signed a new aircraft management mandate to acquire and manage up to $1.75 billion of aircraft assets.

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results are reflective of the strength of DAE’s franchise despite emerging macroeconomic headwinds. Air travel demand continues to be strong and all leading indicators continue to point to a strong summer season for our airline customers.”

Source: Emirates News Agency