Dubai Aerospace Enterprise Reports $351m Profit

Dubai Aerospace Enterprise has this week recorded a profit of $351m for 2023 from revenues of over $1.3bn.

The lessor has made waves in the last 12 months, with such transactions placing significant profitability on the business.

Without further ado, let’s get into it…

Dubai Aerospace Enterprise Reports $351m Profit…

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Dubai Aerospace Enterprise reflected on what has been a successful 2023, including some of their best highlights:

Number of aircraft acquired: 20 (owned: 10; managed: 10)
Number of aircraft sold: 30 (owned: 22; managed: 8) ⁽²⁾
Acquired a 64 aircraft order book position
Lease agreements, extensions, and amendments signed: 150 (owned: 114; managed: 36)
Owned portfolio contracted: 99.7%
Number of man hours booked: ~1,500,000
Number of checks performed: 316
Appointed as the Middle East’s first Boeing 737-800BCF conversion line in partnership with Boeing
Announced the expansion of Joramco’s facilities in Amman, Jordan, which is expected to reach 22 maintenance lines in the second half of 2024
Morningstar Sustainalytics ESG Risk Rating: 12.5; Industry Top-Rated and Regional Top-Rated for third year running; Lowest ESG Risk Rating of any rated aircraft lessor

Firoz Tarapore, Chief Executive Officer of Dubai Aerospace Enterprise had this to say on the results:

“Our Full Year 2023 financial results demonstrates the continued strength of our expanding franchise as we acquired 20 aircraft and a 64 aircraft orderbook with near-term delivery positions.”

“Our Engineering division posted record results with sizeable increases in output and revenue.”

“We are continuing to invest in the facility, having broken ground during the year on additional hangar capacity and announcing a partnership with Boeing to become the first facility in the Middle East to be authorized to complete Boeing 737-800BCF conversions.”

All eyes will be on how their 2024 will perform.