Dubai Aerospace Enterprise revenue jumps 49% at $69.2 million

“Our first quarter 2023 monetary outcomes replicate a powerful working surroundings for airways, an bettering collections and credit score profile, and worthwhile divestment exercise. Now we have efficiently built-in the acquisition of SKY Fund I into our platform following the acquisition within the fourth quarter of 2022,” mentioned DAE CEO Firoz Tarapore.

“Our profitability metrics improved considerably through the quarter, and our credit score high quality and liquidity metrics remained sturdy. Rate of interest volatility allowed us to repurchase $205 million of principal quantity of our bonds through the quarter. Now we have elevated our bond repurchase authorization following extra repurchases within the second quarter.”

Money flows from working actions for the interval decreased by 20.5 per cent to $283.8 million in comparison with $357.0 million within the corresponding interval final 12 months.

“That is primarily attributable to increased upkeep reserve receipts within the prior interval pushed by the drawdown of letters of credit score related to plane beforehand leased to Russian prospects. Excluding the impression of the letters of credit score drawdown, web money generated from working actions for the three months ended March 31, 2023 elevated by $4.1 million or 1.5 per cent as in comparison with the prior interval,” the corporate mentioned in a press release.

Complete belongings stood at $12,607 million at March 31, 2023 in comparison with $12,709.1 million at December 31, 2022.

The corporate had 437 plane in its fleet on the finish of the quarter, in comparison with 440 on the finish of the previous quarter.