Wednesday, September 22, 2021

$67.3 million in profits for “Dubai Aerospace Industries”

Dubai (Union) – achieved Dubai Aerospace Enterprise Limited Revenues amounted to $613.4 million during the first half of 2021, compared to $675.9 million in the same period of 2020, and adjusted profit before tax was $67.3 million, compared to $131.9 million in the first half of 2020.

The operating cash flow recorded $498.5 million during the first half of this year, compared to $432.2 million in the same period of 2020, and the unsecured debt ratio of the total debt amounted to 70.8%, compared to 62.6% at the end of 2020. Available liquidity exceeded $4.1 billion compared to $2.7 billion At the end of 2020, the fleet utilization rate was 99.1% and the collection rate was 89%.

The company said in a statement: It committed to buying 26 aircraft and selling 27 aircraft, and was able to recover about 456 million dollars of high coupon debt in March 2021 and announce an early redemption of an additional amount of 1.25 billion dollars in August 2021.

Firoz Tarapore, CEO of DAE, said: “Our financial results for the first half of 2021 reflect a strong adoption of new technology, fuel-efficient narrow-body aircraft and a strong aircraft asset sales environment. We have placed direct orders with Boeing for up to 15 737-8 MAX aircraft to meet the requirements of our customers to modernize their fleets.”

He added: “The recovery in demand for passenger air transport continues well, but it is uneven in all regions and all types of aircraft, as the uneven nature of the geographical spread of the vaccine and the emergence of viral mutants remain an obstacle to the expected return to full normal life, so we maintain On our guard despite our optimism. Our balance sheet also remains strong with high levels of capital adequacy and exceptional levels of available liquidity.”

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