Dubai Aerospace Enterprise witnessed remarkable growth in 2024, reporting an 8.7 percent increase in total revenue to $1.42 billion. Profit for the year grew 36.2 percent to $477.5 million compared to $350.6 million in 2023. Meanwhile, operating profit before exceptional items reached $711.1 million, an increase of 19.4 percent.
“We advanced the franchise forward yet again in 2024 by acquiring 83 owned and managed aircraft, growing revenue by 9 percent and increasing pre-tax profitability by 45 percent. This translates into a stellar pre-tax profit margin and return on equity,” stated Firoz Tarapore, CEO of Dubai Aerospace Enterprise.
Total assets grow to $13 billion
The company’s total assets hit $13 billion last year compared to $12.26 billion in 2023. Dubai Aerospace Enterprise attributed this increase to aircraft acquisitions and cash generated from operations during the year. However, available liquidity declined to $3.78 billion in 2024 from $4.06 billion in 2023.
“Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands, which was reflected in ratings actions taken by both Moody’s and Fitch during the year,” added Tarapore.
The company’s rating were upgraded to BBB by Fitch Ratings and Baa2 by Moody’s Ratings.
Fleet size grows to 506 aircraft
Dubai Aerospace Enterprise acquired 83 owned and managed aircraft in 2024 and sold 68 aircraft, raising its total fleet size to 506. The company’s fleet now consists of 329 owned, 110 managed and 67 committed aircraft.
The company also revealed that it signed 233 lease agreements, extensions and amendments, placing 17 Boeing 737 MAX aircraft on long-term lease to Turkish Airlines, Eastar Jet and Hainan Airlines.
“Demand for aircraft from airline customers remains strong. At year-end 2024, all our aircraft were either on long-term leases or under LOI with airline customers, and our order book positions until mid-2026 are committed on long-term leases to airline customers,” added Tarapore.
Dubai Aerospace Enterprise also increased hangar capacity by 30 percent by expanding the number of bays to 22, including one A380 capable bay.
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Engineering division revenue surges 33 percent
The DAE Engineering division, Joramco, also continued to deliver record performance with revenue increasing year-on-year by 33 percent to $186.4 million, and profitability increasing by 94 percent to $43.2 million.
The addition of a state-of-the-art hangar with five new lines at the company’s facility in Amman, Jordan, will augment its capacity by approximately 30 percent, further cementing Joramco’s position as one of the leading airframe MRO providers in the region.
Joramco currently has 15 aircraft type approvals including the Boeing 737, 787 and 777 aircraft families, Airbus A320, A330 and A340 families, and Embraer E175 and E190 families. The division also has regulatory approvals from over 30 aviation authorities including EASA in the European Union, the FAA in the United States, and the CARC in Jordan.
