DAE posts $613m revenue for H1
Dubai Aerospace Enterprise, a global aviation services company, has posted a revenue of $613.4 million for the first half (H1) of the year, as against a revenue of $675.9 million during H1 2020.
Other financial and operating highlights:
• Adjusted Profit Before Tax: $67.3 million (H1 2020: $131.9 million)
• Operating Cash Flow: $498.5 million (H1 2020: $432.2 million)
• Unsecured Debt as a percentage of Total Debt: 70.8% (Year-end 2020: 62.6%)
• Available Liquidity: $4,099.0 million (Year-end 2020: $2,693.0 million)
• Fleet Utilization: 99.1% (Year-end 2020: 98.2%)
• Collection rate: 89% (H1 2020: 83%)
• Credit Outlook revised up to ‘Stable’ by Moody’s and Fitch
• Inaugural ESG Report published with FY2021 and FY2025 ESG Targets
• Committed to purchase 26 and sell 27 aircraft
• Increased available liquidity to $4.1 billion from $2.7 billion at year-end 2020
• Redeemed approximately $456 million of high coupon debt in March 2021 and announced for early redemption an additional $1.25 billion in August 2021
Firoz Tarapore, Chief Executive Officer of DAE, said: “Our financial results for the first half of 2021 reflect strong origination of new technology, fuel-efficient narrow body aircraft and a robust environment for sales of aircraft assets. We placed a direct order with Boeing for up to 15 737-8 MAX aircraft to meet our customers’ requirements for modernizing and upgrading their fleets.
“Recovery in passenger air traffic demand is progressing well but not evenly in all jurisdictions and for all aircraft types. The uneven nature of vaccine deployment geographically and the emergence of virus variants remains a barrier to a predictable return to full normalcy. We remain optimistic and vigilant. Our balance sheet stays strong with high levels of capital adequacy and exceptional levels of available liquidity.” – TradeArabia News Service