DAE reports improved annual revenues

The restructured Dubai Aerospace Enterprise (DAE) has reported a dramatic increase in its revenues and net income for the past year.

While not revealing profit figures, the chairman – Sheikh Ahmed bin Saeed Al Maktoum – was reportedly “pleased” with the results.

The company, which owns  MRO and aerospace services company Standard Aero and has a strong aircraft leasing arm recorded Net Income, excluding non-recurring items, of US$ 81.3 million (AED 298.7 million) for full year 2011, an increase of 110 percent over the Net Income, excluding non-recurring items, of US $38.8 million (AED142.6 million) for full year 2010.

Revenue for full year 2011 increased to US$ 1,802 million (AED 6,621 million) from US$ 1,612 million (AED 5,922 million) for full year 2010. Net Income for full year 2011 was US$121.7 million (AED 447.1 million), up from US$10.3 million (AED37.8 million) in 2010.

The organisation saw a number of changes in the past year including the departure of the head of the capital leasing business and more recently the resignation of acting chief executive George Mushahwa in February

Speaking at the time DAE Managing Director Khalifa H. Al Daboos said: DAE has made significant strides in the past two years to strengthen the balance sheet and improve the profitability of its core businesses. The management team has done an excellent job of refinancing debt agreements, rationalizing capital commitments and securing long-term financial agreements. The shareholders are comfortable with the direction and strategy of the Company. DAE's core management team, led by the Chief Operating Officer of the Company, remains intact and committed to enhancing shareholder value over the longer term," added Khalifa AlDaboos.
Speaking at the results announcement DAE Chairman,  Sheikh Ahmed, said: “I am pleased with the way in which DAE built on its market position in 2011 and reported record revenues and profits for the year.”

Al Daboos added: “DAE demonstrated its earnings power in 2011 with each division contributing towards the record results of the Company. Our strong equity base allows us to be a long-term competitor in our chosen markets.”

DAE is headquartered in Dubai and employs over 4,000 people in four continents.

Article Source : Arabian Aerospace