Dubai Aerospace turns profit on Aeroflot settlement

Dubai Aerospace turns profit on Aeroflot settlement

Aircraft leasing company Dubai Aerospace Enterprise (DAE) turned profitable in 2023, as it received a settlement of $118.3 million for seven aircraft leased to Russia’s Aeroflot airline. The company reported a net profit of $350.6 million for 2023, compared to a loss of $279.3 million a year ago. Revenue rose 16 percent to $1.32 billion […]Aircraft leasing company Dubai Aerospace Enterprise (DAE) turned profitable in 2023, as it received a settlement of $118.3 million for seven aircraft leased to Russia’s Aeroflot airline.

The company reported a net profit of $350.6 million for 2023, compared to a loss of $279.3 million a year ago.

Revenue rose 16 percent to $1.32 billion last year, compared to $1.14 billion in 2022. 

The company acquired 20 aircraft (10 owned and 10 managed) and sold 30 (22 owned, eight managed) last year.

The gain on disposal of aircraft stood at $59.6 million for the year compared with $97.5 million for the year ended December 31, 2022.

“Our engineering division posted record results with sizeable increases in output and revenue,” said Firoz Tarapore, CEO of DAE.

“We are continuing to invest in the facility, having broken ground during the year on additional hangar capacity and announcing a partnership with Boeing to become