DAE announces financial results for the nine months ended September 30, 2022

DAE announces financial results for the nine months ended September 30, 2022

DUBAI, 4th November, 2022 (WAM) – – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the nine months ended September 30, 2022.

Selected Financial Highlights:

Profit before exceptional items increased 125% to US$203.6 million

Cash flow from Operating Activities increased 20% to US$956.6 million

Available liquidity of US$2.8 billion; Liquidity Coverage Ratio of 743%

Net Debt-to-Equity of 2.35x

Bond repurchases of US$135 million

Selected Business and Operating Highlights:

Number of aircraft acquired: 45 (owned: 10; managed: 35)

Number of aircraft sold: 35 (owned: 12; managed: 23)

Lease agreements, extensions, and amendments signed: 125 (owned: 95; managed: 30)

Owned portfolio revenue utilization: 98%

OOwned portfolio cash collections rate (3): 103%

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet. We continue to see demand for aircraft from airlines globally as travel demand remains resilient.

He said:''We have remained active in the secondary trading market, both acquiring and divesting assets through this channel. In early October, we announced the acquisition of Sky Fund I Irish, Limited, a company with a fleet of 36 modern aircraft. The acquisition of this very young, predominantly next