DAE reports strong 2022 despite write-down

Dubai Aerospace Industries (DAE) has reported total annual revenues of $1.1bn at the end of December 2022. Profit before exceptional items increased by 37% over 2021 figures to $258.6 million. However, the company’s profit was impacted by the write-off of $576.5 million for the aircraft assets stuck in Russia. DAE reported total assets worth $12,709.1 million at December 31, 2022 compared to $12,609.6 million last year, mainly due to asset acquired through business combination which was offset by asset write-off of certain aircraft in Russia not in the Group’s control, decrease in trade and other receivables and other assets. The