Dubai aircraft leasing firm trebles revenues

13 August 2018
Dubai Aerospace Enterprise and Awas completed merger in August 2017

Aircraft leasing and management firm Dubai Aerospace Enterprise (DAE) has reported record revenues and profits in the first half of 2018, due in large part to its merger with Dublin-based Awas, one of the world’s largest aircraft leasing companies.

DAE’s revenues rose to $711.4m between January and June this year, up from $228.7m during the corresponding period  last year.

Profit before tax also rose to $224m from $42.5m a year ago, the company said in a statement.

MEED understands DAE purchased 15 aircraft, disposed of eight other aircraft and closed a total of $774.5m of borrowings in the first half of the year.

DAE also announced the sale of 16 aircraft with a total market value of $900m.

DAE and Awas completed their merger in August last year. At the time of the merger, it was understood that the combined company has 394 owned, managed and committed aircraft units with a total value in excess of $14bn.

In September 2016, DAE announced acquiring 80 per cent of the Jordan Aircraft Maintenance (Joramco) from The Abraaj Group.

DAE also financed eight of the nine new Boeing 737-800 planes that Egypt Air acquired as part of its expansion strategy.

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