Dubai, UAE — Dubai Aerospace Enterprise (DAE) posted a 15 percent increase in revenue to $670 million for the first half of 2023.
The company said profit before tax and exceptional items increased by 13 percent to $150.4 million and its available liquidity reached $2.3 billion.
The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
A total of 64 lease agreements, extensions and amendments were signed — 48 owned and 16 managed — while its customers were spread across 60 countries.
Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our first half 2023 results continue to demonstrate the strong demand we are seeing in the market for aircraft from our airline customers. COVID-era deferral programs are being repaid ahead of schedule and secondary market aircraft valuations remain robust. This resulted in revenue growth of 15 percent compared to the first six months of 2022.”
‘’We have continued with our program of active liability management, repurchasing a further $102 million of principal amount of our bonds during the quarter, bringing the total to $307 million in the first six months of 2023,” he said.