Dubai Aerospace Enterprise records $1.4 bn revenue in 2024

Aircraft leasing company Dubai Aerospace Enterprise (DAE) recorded a 9 per cent growth in revenue, reaching $1.42 billion by the end of 2024, compared to $1.31 billion in 2023.

Profit for the year grew 36.2 per cent to $477.5 million compared to $350.6 million in 2023, while operating profit before exceptional items reached $711.1 million, an increase of 19.4 per cent.

Serving over 120 airlines across 65 countries, the global aviation services company acquired 83 owned and managed aircraft in 2024, and sold 68 others, bringing its fleet to 329 owned, 110 managed and 67 committed aircraft.

The Chief Executive Officer of DAE, Firoz Tarapore, said the company recrded pre-tax profitability by 45 per cent, adding "Our balance sheet today is stronger than ever before and our metrics for capital adequacy, liquidity, and funding are well within our committed bands."

"DAE Engineering continues to deliver record performance with revenue increasing year-on-year by 33 per cent to $186.4 million, and profitability increasing by 94 per ent to $43.2 million. The addition of a state-of-the-art hangar with five new lines at our facility in Amman, Jordan, will augment our capacity by approximately 30 per cent, further cementing Joramco’s position as one of the leading airframe MRO providers in the region,” Tarapore said.

The aircraft lessor announced in early January it signed an agreement to acquire 100 per cent of Nordic Aviation Capital (NAC).

NAC’s fleet comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries, as of September 2024. 

DAE Capital’s fleet will expand to approximately 750 owned, managed, and committed aircraft, worth around $22 billion upon deal closure.