Dubai Aerospace Enterprise (DAE) today reported a revenue of $1.238 billion for the year ended December 31, 2021, compared with $1.3 billion in 2020.

 

The adjusted profit before tax was $196.6 million, compared with $250 million in the previous year.

 

Selected Financial Highlights are (2020 figures in brackets):

* Operating cash flow: $1,143 million ($867.9 million in 2020) 

* Adjusted pre-tax profit margin: 15.9% (19.2%)

* Adjusted pre-tax return on equity: 6.7% (8.4%)

* Collection Rate: 94% (86%)

 

The company clarified that: Proft was adjusted to exclude one-time bond redemption costs of $38.3 million incurred during the year ended December 31, 2021; and collection rate is defined as the sum of all cash collected from lease rentals as a percentage of the total contracted receivables due for the period after incorporating the effect of any lease amendment or deferral agreements executed as of December 31, 2021.

 

Selected business highlights:

• Ordered and placed on long-term lease 14 Boeing 737 MAX 8 aircraft

• Increased the number of aircraft under management to 79

• Recorded highest annual revenue and aircraft maintenance events at DAE Engineering

• Awarded the ESG Industry Top-Rated and ESG Regional Top-Rated accreditations for 2021 from Sustainalytics

 

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated: “Our financial results for the full year are indicative of the of the actions we took over the last year to strengthen the franchise. We ended the year with a robust balance sheet, exceptional liquidity, high fleet utilization, and are positioned well to capture opportunities for growth as markets reopen in 2022. 

 

“Requests for relief and support from our clients have stabilized. Our collection rate returned to 100% in the final quarter of 2021. Our operating cashflow for the year increased to $1,143 million in the year, up from $867.9 million in 2020. The amount of capital DAE deployed both for our own balance sheet and for our aircraft investor partners since the onset of the pandemic passed $3 billion.

 

“We placed an order with Boeing for new, fuel-efficient aircraft, which we have all been placed on long-term leases. We transitioned narrow- and wide-body aircraft in difficult market conditions to provide capacity to carriers who wanted to be ready for resumption of demand. We refinanced a record amount of debt to lower our interest expense and stagger debt maturities.

 

“DAE Engineering is seeing record revenue and demand for airframe maintenance, repair, and overhaul (MRO) services. We passed one million man-hours billed in 2021 for the first time in our history, and inducted a record 360 aircraft in 2021,” he said. - TradeArabia News Service