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DAE income surges 110%

Dubai Aerospace Enterprise, or DAE, on Tuesday said it recorded net income, excluding non-recurring items, of $81.3 million, or Dh298.7 million, for full year 2011, registering an increase of 110 per cent over the net income, excluding non-recurring items, of $38.8 million, or Dh142.6 million, for full year 2010.

Revenue for full year 2011 increased to $1.8 billion, or Dh6,621 million, from $1.6 billion, or Dh5.9 billion, for full year 2010. Net income for full year 2011 was $121.7 million, or Dh447.1 million, up from $10.3 million, or Dh37.8 million, in 2010.

DAE chairman Shaikh Ahmed bin Saeed Al Maktoum said: “I am pleased with the way in which DAE built on its market position in 2011 and reported record revenues and profits for the year.” DAE Managing Director Khalifa H. AlDaboos said: “DAE demonstrated its earnings power in 2011 with each division contributing towards the record results of the Company. Our strong equity base allows us to be a long-term competitor in our chosen markets.”

DAE is a globally recognised aerospace company specialising in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing. — abdulbasit@khaleejtimes.com