DAE reports 67% plunge in net income

Dubai Aerospace Enterprise (DAE) reported yesterday $199 million (Dh731 million) in total net income for 2016, a 67 per cent plunge from the $610 million recorded in 2015.

The company said in a statement that the $610 million income in 2015 included a gain from the sale of StandardAero, hence the decline in 2016. Results for 2015 also included “amounts reclassified from continuing operations to discontinued operations for the impact of the Falcon 2017-1 ABS transaction.”

Revenues rise

Meanwhile, total revenue for 2016 rose 22 per cent to $417.8 million compared to $341.7 million in 2015. Shareholders’ equity by the end of the year reached $1.7 billion.

“There is a sizeable opportunity to expand within the aerospace sector in the UAE and the Middle East. DAE’s growth ambitions will focus on expanding its presence broadly in the sector and in the region,” said Khalifa H. Al Daboos, DAE Managing Director.

During the year, DAE grew its portfolio to 112 owned and managed aircraft with a net book value of $5.1 billion. New aircraft commitments in 2016 reached a value in excess of $1 billion.

In September 2016, the aerospace corporation acquired 80 per cent of Amman-based aircraft maintenance firm Jordan Aircraft Maintenance (Jormaco).