Dubai Aerospace Enterprise (DAE), one of the world's biggest plane lessors, posted a lower nine-month profit this year but said it is well positioned to manage the impact of Covid-19 due to its strong balance sheet.
Profit for the period fell to $90.5 million in the first nine months of 2021, from $167.3m in the same period last year, DAE said. Adjusted profit for the period stood at $128.8m, after adding back one-off debt redemption costs.
Total revenue for the first nine months dropped to $925.3m, from $984.1m in the same period in 2020, as net lease revenue fell 8.7 per cent year-on-year.
"Our financial results for the first nine months of 2021 demonstrate our continued focus in the leasing division on investing in new technology, fuel-efficient narrow body aircraft, sales of portfolio aircraft in the secondary market and extending further relief to our airline customers," Firoz Tarapore, chief executive of DAE, said.
The outlook for plane lessors has been brightening as confidence to travel returns gradually. The global commercial aircraft leasing market is projected to grow at a compound annual growth rate of 4.9 per cent between 2020 and 2027 despite the Covid-19 pandemic, according to a report by ResearchandMarkets.com.
DAE said the gradual start of airlines' recovery helped to improve its collection rate, or the sum of all cash collected from lease rentals as a percentage of the total contracted receivables due for the period after factoring in any lease amendment or deferral agreements, to 89 per cent as of September 30.
"Many airlines are beginning to return to normal operations which has helped to improve our collection rate to 89 per cent for the period and increase our operating cashflow by 33 per cent to $800m in the first nine months of 2021," Mr Tarapore said. "Approximately seven billion vaccine doses have been administered globally, but the deployment is uneven across jurisdictions, impacting recovery of long-haul air traffic."
DAE offered relief packages to 40 airline customers as of September 30, up from 33 customer as of December 31, 2020. This was in the form of rent deferrals, loans to airlines or other leases amendments, DAE said.
The total value of rent deferrals and loans to airlines is $216.6m or 18.7 per cent of Trailing Twelve Months (TTM) lease revenue, it said. Of the total, $213.4m has been incurred and $3.2m relates to future rental.
In addition, DAE have entered into various lease amendments mainly involving near-term relief in exchange for lease extensions and other lease value enhancements, with the total value of these amendments at $172.6m.
"If the impact of Covid-19 is prolonged, the amounts due from our airline customers and associated loss allowance may increase in future periods," DAE said in its financial statement. "However, we expect the global travel industry to recover, and we are well positioned to manage the impact of Covid-19 on our business due to the strength of our balance sheet and liquidity position."
It holds approximately $484m in the form of cash or letters of credit. It also holds maintenance reserves of $1,147.1m. In addition, it has access to $3.4 billion of available liquidity to support the on-going operation of the group as needed.
"We continue to monitor air traffic recovery trends and maintain a strong and healthy balance sheet and exceptional liquidity to assist our clients and grow our franchise," Mr Tarapore said.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Blonde
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