BusinessWorld

DAE reports 124 per cent increase in revenue in first nine months

Dubai, Nov 14 (IEBusiness) Dubai Aerospace Enterprise (DAE) Ltd. reported financial results for the nine months ended 30 September 2018.

  • Total Revenue: US$1,069.2 million (AED 3,926.2 million) for the nine months ended 30 September 2018, an increase of 124% from US$477.5 million (AED 1,753.3 million) for the nine months ended 30 September 2017.
  • Pre-Tax Profit: US$333.5 million (AED 1,224.7 million) for the nine months ended 30 September 2018, an increase of 333% from US$77.1 million (AED 283.0 million) for the nine months ended 30 September 2017.

Results for the nine months ended 30 September 2018 included the results of the AWAS acquisition which was completed in August 2017.

DAE Chief Executive Officer Firoz Tarapore said, “Our financial results reflect the strength of our franchise and our market position. This leading market position and our stellar financial results contributed to DAE being awarded an investment grade rating of BBB+ by KBRA and an upgrade from both S&P Global and Moody’s in recent months.”

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