Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) on Monday reported a 70% year-on-year hike in its revenues for the full-year 2018.
Total revenues recorded $1.43 billion in 2018, compared to $845.8 million in 2017, according to the company’s statement.
“During 2018, we recorded strong financial and operational performance across our businesses,” DAE CEO Firoz Tarapore commented.
Profits before tax soared 135% year-on-year to $428.8 million in the year ended 31 December 2018.
“2018 was the first full year of the combined leasing company’s operations following the acquisition of AWAS in August 2017. 2018 was also the first full year of the engineering division under new leadership and full transformation of the division into a top-tier global competitor,” the CEO added.
Tarapore noted that DAE was now working on strengthening the quality of its balance sheet as evidenced by improvements in its unsecured funding and available liquidity metrics.
“As we enter 2019, our financial metrics are stronger than ever and we are well positioned on our journey to become an investment grade rated company from all of the major credit rating agencies,” Tarapore concluded.
