Dubai – Mubasher: Dubai Aerospace Enterprise’s (DAE) revenues climbed 22% in 2016, supported by a 323% surge in net income from continued operations, which reached $124.9 million, according to the company’s statement on Tuesday.
DAE’s total revenues reached $417.8 million (AED 1.534 billion), compared to $341.7 million (AED 1.255 billion) in 2015, while total net income declined 67% to reach $199 million in 2016, the company added.
“There is a sizeable opportunity to expand within the aerospace sector in the UAE and the Middle East. DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region,” DAE’s managing director Khalifa H. AlDabos stated.
Continued growth of the owned, committed, and managed aircraft portfolio, reaching 112 aircrafts, recorded a net book value of $5.1 billion (AED 18.7 billion) by the end of 2016, DAE reported.
New aircraft commitments surpassed $1 billion (AED 3.7 billion) during calendar year 2016, the statement showed.
Shareholders' equity rose to $1.7 billion in 2015.
“Our accomplishments in 2016 underscore our single-minded focus on building DAE as a trusted provider of aircraft leasing and engineering solutions to our clients on a global basis,” DAE’s CEO Firoz Tarapore said.
