DAE announces Financial Results for the three months ended March 31, 2024 Total Revenue increases 9% to US$344 million

Dubai, U.A.E., 01 May 2024 – Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today reported its financial results for the three months ended March 31, 2024. The consolidated financial statements can be found here.

Selected Financial Highlights:

Selected Business and Operating Highlights:
•    Number of aircraft acquired: 5 (owned: 1; managed: 4)
•    Number of aircraft sold: 6 (owned: 5; managed: 1) 
•    100% of 2024 order book placed; 100% 2025 737-8 order book placed
•    Lease agreements, extensions, and amendments signed: 42 (owned: 35; managed: 7)
•    Owned portfolio contracted: 100%*
•    Number of man hours booked: ~440,000
•    Number of checks performed: 92

*Includes aircraft subject to a Letter of Intent. 

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “Strong demand for aircraft leasing and maintenance services drove Total Revenue growth of 9% in the first quarter. Our order book positions until 2026 are committed on long-term leases to top rated airline customers. Cash Flow from Operations increased by 14% and our Available Liquidity climbed to US$5.0 billion.

We continue to explore opportunities to grow the fleet count in our Leasing division, and available hangar capacity in our Engineering division.”

Webcast and Conference Call

In connection with the announcement of DAE’s results for the three months ended March 31, 2024, management will host a conference call on Wednesday, May 01, 2024 at 09:00 EDT / 14:00 BST / 17:00 GST / 21:00 SGT.

The call can be accessed live by clicking here from your laptop, tablet, or mobile device, or by dialing one of the global dial-in numbers and quoting ‘Dubai Aerospace Enterprise’ when prompted.

Full details of the call can also be accessed live via the link on DAE’s website: 
www.dubaiaerospace.com/investors.

Forward Looking Statements

Certain information contained in this Press Release may constitute “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “could”, “continue”, “expect”, “anticipate”, “predict”, “project”, “plan”, “estimate”, “budget”, “assume”, “potential”, “future”, “intend” or “believe” or the negatives thereof or other comparable terminology. These statements reflect DAE’s current expectations and assumptions and involve known and unknown risks regarding future events, results or outcomes and are not guarantees of future results or financial condition. Actual results, performance, achievements, or conditions may differ materially from those in the forward‐looking statements and assumptions as a result of a number of factors, many of which are beyond DAE’s control.

Non-IFRS Financial Information 
This Press Release may include certain non-IFRS financial information, such as Adjusted EBITDA, not prepared in accordance with IFRS. Because of the limitations of Adjusted EBITDA, it should not be considered as a substitute for financial information prepared or determined in accordance with IFRS, as applicable. Where applicable, DAE compensates for these limitations by relying primarily on its IFRS results and using Adjusted EBITDA only for supplemental purposes.