Profits at the Middle East’s largest plane lessor, Dubai Aerospace Enterprise (DAE), increased by 1.2% to $377.5 million in 2019 while revenues fell marginally to $1.42 billion.
Last year was DAE’s second full-year since its takeover of European lessor AWAS in 2017.
Firoz Tarapore, CEO of DAE, said that 2019 had been “a breakout year” for the company.
“In 2019, we received the largest single mandate in the industry to source and manage aircraft assets. Our profitability, capital adequacy and liquidity metrics remain very strong,” he said.
“In 2019, we further boosted our percentage of unsecured debt, dramatically enhanced our liquidity profile and reported head-of-class efficiency metrics.
“We now have investment grade ratings from three U.S. credit rating agencies after receiving an initial investment grade rating from Fitch in July 2019 and a recent upgrade to investment grade by Moody’s.”
HH Sheikh Ahmed bin Saeed Al Maktoum, chairman of DAE, said: “The growth of DAE in the last few years has boosted the contribution of aviation to Dubai’s success.
“DAE has executed its strategy effectively and is today a successful, large-scale lessor with more than 400 aircraft in its portfolio. We are pleased with the progress DAE has made with the support it has received from ICD.”