Dubai Aerospace Enterprise sees revenue growth to $679.2 million in H1 2024

Dubai Aerospace Enterprise (DAE) has reported its financial results for the first half of 2024, logging a year-on-year revenue increase to US$679.2 million.

Meanwhile, DAE's profit before tax rose 22.7 percent year-on-year to $154.3 million in H1 2024, with pre-tax return on equity reaching 11 per cent.

Firoz Tarapore, Chief Executive Officer of DAE, stated, "The continued strength of demand for both leased aircraft and airframe maintenance can be seen in both the growth of our top line revenue and profitability and in improvements to our margins and returns. We continue to demonstrate exemplary financial prudence, including our rock-solid commitments to capital adequacy and our exceptional liquidity of US$4.9 billion, which contributed to recent upgrades to our long-term credit ratings from both Moody's Investors Service and Fitch Ratings.

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"The trading market remains a robust channel for buying and selling aircraft. We are actively evaluating acquisitions and divestments of aircraft portfolios. We expect the second half of 2024 to be an active period."

• UAE