Aerospace company and aircraft lessor Dubai Aerospace Enterprise (DAE) has posted a $224 million pre-tax profit for the 2018 first half, up from $42.5 million for the comparable period, driven by the “smooth and successful integration” of leasing company AWAS.

“These results would simply not have been achievable without a smooth transition to a combined platform. Today, DAE is an exceptionally strong company created by marrying stable and strong ownership with the platform capabilities we acquired last year. Our expectation is for continued improvement in our financial metrics and liquidity profile that will eventually lead to higher credit ratings,” DAE CEO Firoz Tarapore said.

Since DAE closed the AWAS merger in August 2017, the combined platform has completed 108 aircraft transactions and built up a portfolio of 375 owned, managed and committed aircraft, valued at $15.5 billion.

During the first half, DAE generated $711.4 million in revenue, up from $228.7 million for the comparable period in 2017. DAE purchased 15 aircraft, disposed of eight and closed $774.5 million in borrowings.

The company has also announced the sale of 16 aircraft, valued at $900 million, seizing on “a period of strong investor demand for aircraft assets.” 

Victoria Moores