Dubai: Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the year ended 31st December 2024, posting a 36.2% growth in profits to US$477.5 million in 2024 from US$350.6 million in 2023.

According to Emirates News Agency, revenues grew by 9% in 2024 to US$1.42 billion from US$1.31 billion in 2023. Total assets reached more than US$13 billion by the end of 2024 compared to US$12.26 billion in 2023.

The company's business and operating highlights include the acquisition of 83 aircraft, with 30 owned and 53 managed. DAE also sold 68 aircraft, comprising 19 owned and 49 managed. Additionally, 233 lease agreements, extensions, and amendments were signed, with 190 owned and 43 managed. Seventeen Boeing 737 MAX aircraft were placed on long-term lease with Turkish Airlines, Eastar Jet, and Hainan Airlines.

DAE Engineering reported booking approximately 1,600,000 man hours and performing 277 checks. The hangar capacity was increased by 30% with the expansion to 22 bays, including one A380 capable bay.

Firoz Tarapore, Chief Executive Officer of DAE, commented on the results, stating that the company had advanced its franchise by acquiring 83 owned and managed aircraft, increasing revenue by 9%, and boosting pre-tax profitability by 45%. The company's balance sheet has strengthened, and metrics for capital adequacy, liquidity, and funding remain within committed bands, as reflected in ratings actions by Moody's and Fitch.

DAE Engineering also reported a record performance with a 33% increase in revenue to US$186.4 million and a 94% rise in profitability to US$43.2 million. The addition of a state-of-the-art hangar with five new lines at the Amman, Jordan facility is expected to enhance capacity by approximately 30%, reinforcing Joramco's position as a leading airframe MRO provider in the region.