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DAE posts $2.1 billion revenues for 2013

DAE managing director Khalifa H. Al Daboos said the 2013 financial results reflect continued strong performance from both divisions — DAE Engineering and DAE Capital.

Dubai Aerospace Enterprise (DAE) Limited on Tuesday said its 2013 revenues reached at $2.105 billion (Dh7.735 billion) from $1.943 billion (Dh7.14 billion) in 2012. The globally recognised aerospace firm said its net income also recorded significant jump last year and rose to $111.6 million (Dh410 million) from $7.8 million (Dh29 million) in 2012. DAE managing director Khalifa H. Al Daboos said the 2013 financial results reflect continued strong performance from both divisions — DAE Engineering and DAE Capital.

“The DAE Capital division continued its growth trajectory in 2013 by adding high quality assets on lease to leading airlines. The net book value of the portfolio grew by approximately $900 million during the last two years and currently stands at $3.3 billion. We are adding key resources to the team and positioning DAE Capital for successful growth.” DAE Limited is specialised in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing. The company is headquartered in Dubai and operates in four continents and employs approximately 4,000 people.

Compiled from agencies