UAE – Mubasher: The net profits of Dubai Aerospace Enterprise (DAE) retreated to $228.9 million in 2020, compared to $377.5 million in the earlier year.
The group generated revenues of $1.3 billion in 2020, down from $1.439 billion in 2019, as shown by the company's consolidated financial statements.
Meanwhile, the group has achieved $1.196 billion in adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) last year, when compared to $1.376 billion in 2019.
Commenting on the group's performance in 2020, the CEO of DAE, Firoz Tarapore, said: "As we look to 2021, we remain optimistic about a snapback in air travel demand starting in summer 2021 resulting from ramped up deployment of existing vaccines, development of new vaccines and the favorable impact of measures currently in place in impacted areas to contain the spread."
It is noteworthy to mention that during the first nine months of 2020, the company's net income declined to $167.3 million from $260.5 million in the year-ago period of 2019.
