Showing posts with label Dubai Aerospace Enterprise. Show all posts
Showing posts with label Dubai Aerospace Enterprise. Show all posts

Thursday, 12 May 2022

$1 billion insurance claim from Dubai Aerospace Enterprise over stranded jets in Russia


Dubai Aerospace Enterprise (DAE) reported its latest financial results last week in which the firm’s Chief Executive Officer  Firoz Tarapore confirmed DAE had filed insurance claims for planes trapped in Russia. So far DAE has put in claims for US$1.0 billion and expect to file additional claims to recover amounts it says is due to it.

DAE’s leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft. It’s engineering division serves customers in Europe, Middle East, Africa and South Asia from its state-of-the-art facility accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators globally.

Tarapore said:  “DAE Engineering had another strong quarter, with its Joramco business again achieving record revenue, as well as adding and renewing a number of large maintenance agreements, including with GetJet Airlines, DHL, Ryanair, and Corendon Airlines in the quarter. We look forward to continuing to expand our engineering business.”

Other key highlights for the first three months of the year include a 91% increase in net income to US$46.6 million,  cash flows from operating activities increased by 64% to US$357 million. DAE’s liquidity ratio was exceptionally strong at 486% whilst its Net Debt-to-Equity before exceptional items was 2.35x.

Tarapore commented: “Our financial results for the first quarter of 2022 demonstrate the underlying strength of DAE’s franchise, and the continuing demand-led recovery of global air travel. We continue to see a trend toward air travel normalcy with all major indicators pointing toward a strong summer season ahead for our airline customers.”

 

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Saturday, 24 April 2021

Order for 15 737 MAX jets from Dubai Aerospace Enterprise about to be confirmed


Dubai Aerospace Enterprise, a global aviation services company based in Dubai with over 170 airline customers in over 65 countries has placed an order for 15 Boeing 737 MAX jets, despite more wiring and wing structural issues coming to light in recent days.

Firoz Tarapore, Chief Executive Officer of DAE, said: "We are delighted to deepen our already strong relationship with Boeing. Including this order, we own and manage 162 Boeing aircraft. An increasing number of global aviation regulators are returning the MAX to the skies. We are confident in the success of these aircraft as domestic and regional air travel are seeing strong signs of recovery."

DAE's leasing division has an owned, managed, committed and mandated to manage a fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion.