Dubai Aerospace Enterprise, one of the world's biggest plane leasing companies, said first-quarter profit rose by more than 48 per cent as it benefitted from an acquisition that increased the size of its fleet.
Profit before exceptional items in the three months to the end of March rose to $69.2 million, from $46.6 million a year earlier, the company said on Wednesday.
“Our first quarter 2023 financial results reflect a strong operating environment for airlines, an improving collections and credit profile, and profitable divestment activity,” said DAE chief executive Firoz Tarapore.
“We have successfully integrated the acquisition of Sky Fund I into our platform following the acquisition in the fourth quarter of 2022.”
Following the deal, DAE Capital’s fleet of owned, managed and committed aircraft, as well as those it has a mandate to manage, grew to about 500, DAE said in November.
DAE’s revenue in the first quarter rose to $315.2 million, from $298 million in the same period last year.
“Our profitability improved substantially during the quarter, and our credit quality and liquidity remained strong,” said Mr Tarapore.
“Interest rate volatility allowed us to repurchase $205 million of principal amount of our bonds during the quarter. We have increased our bond repurchase authorisation following additional repurchases in the second quarter.”
DAE's performance was boosted by air travel recovery, which, in turn, is driving up airlines' demand for aircraft. On the other hand, supply chain strains facing the aerospace industry are delaying aircraft deliveries.
Global passenger traffic rebounded to 15 per cent below its pre-pandemic levels in February, led by airlines in Asia-Pacific, which recorded the fastest growth, the International Air Transport Association said in its latest report.
Total passenger traffic worldwide increased 55.5 per cent on an annual basis in February, despite the uncertainties hanging over the global economy, Iata said.
Meanwhile, international passenger traffic rose 89.7 per cent from February 2022 and reached 77.5 per cent of February 2019 levels.
DAE reported a full-year 2022 loss after it wrote off $538 million on aircraft operating in the fleet of Russian airlines.
In November, DAE said it “has no way” to determine whether the aircraft it had leased to Russian aviation operators would be returned.
The group has insurance cover for 19 aircraft under a number of policies and it has filed “insurance claims and a litigation claim to recover amounts due under the policies”, DAE said at the time, without providing further details.
In December, DAE said it signed new deals for unsecured term financing worth $800 million to maintain its strong liquidity levels.
As of March 31, the company's available liquidity stood at $2.64 billion compared with $2.66 billion on December 31, 2022.
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
The five pillars of Islam
The five pillars of Islam
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Scoreline
Liverpool 4
Oxlade-Chamberlain 9', Firmino 59', Mane 61', Salah 68'
Manchester City 3
Sane 40', Bernardo Silva 84', Gundogan 90' 1
UAE currency: the story behind the money in your pockets
OPINIONS ON PALESTINE & ISRAEL
Killing of Qassem Suleimani
Killing of Qassem Suleimani
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
Rebel%20Moon%20%E2%80%93%20Part%20Two%3A%20The%20Scargiver%20review%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Zack%20Snyder%3Cbr%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Sofia%20Boutella%2C%20Charlie%20Hunnam%2C%20Ed%20Skrein%2C%20Sir%20Anthony%20Hopkins%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
UAE%20PREMIERSHIP
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Killing of Qassem Suleimani
Top 5 concerns globally:
1. Unemployment
2. Spread of infectious diseases
3. Fiscal crises
4. Cyber attacks
5. Profound social instability
Top 5 concerns in the Mena region
1. Energy price shock
2. Fiscal crises
3. Spread of infectious diseases
4. Unmanageable inflation
5. Cyber attacks
Source: World Economic Foundation
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
RIDE%20ON
%3Cp%3EDirector%3A%20Larry%20Yang%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Jackie%20Chan%2C%20Liu%20Haocun%2C%20Kevin%20Guo%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
Rebel%20Moon%20-%20Part%20One%3A%20A%20Child%20of%20Fire
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EZack%20Snyder%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESofia%20Boutella%2C%20Djimon%20Hounsou%2C%20Ed%20Skrein%2C%20Michiel%20Huisman%2C%20Charlie%20Hunnam%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The%C2%A0specs%20
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