DAE 2018 revenue, up 70%; profit before tax, up 135%

Lauren Eldershaw
By Lauren Eldershaw February 25, 2019 16:14

DAE 2018 revenue, up 70%; profit before tax, up 135%

Dubai Aerospace Enterprise (DAE) total revenue for the full year 2018 was US$1,436.6 million, up 70%, compared to US$845.8 million in 2017. Profit before tax rose 135% to US$428.8 million, with a pre-tax profit margin of 30% and pre-tax return on equity of 12.8%.

DAE’s net debt-to-equity was 2.57 times compared to year-end 2017 of 3.17 times.

DAE’s unsecured debt as a percentage of total debt was 46% – a significant rise from the year-end 2017 figure of 23%. DAE ended 2018 with available liquidity of $1,558 million compared to $832 million at the end of 2017.

Commenting on the financial results for 2018, Firoz Tarapore, Chief Executive Officer of DAE, said: “DAE continued to build on its unique strengths and platform capabilities, a 33-year knowledge base, deep customer relationships, strong access to capital and stable and supportive ownership to position itself as a premier leasing and engineering company. 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. During 2018, we recorded strong financial and operational performance across our businesses.

“We also took concrete steps to strengthen the quality of our balance sheet as evidenced by improvements in our unsecured funding and available liquidity metrics. Our performance was recognised by the credit rating agencies with credit rating upgrades from Moody’s and S&P, and a new investment grade rating from KBRA. 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.”

Lauren Eldershaw
By Lauren Eldershaw February 25, 2019 16:14