#Dubai Aerospace Enterprises reports $377.5 million profit in 2019 | Aviation – Gulf News

Dubai Aerospace Enterprises reports $377.5 million profit in 2019 | Aviation – Gulf News:

Dubai Aerospace Enterprise (DAE) Ltd on Wednesday reported a profit of $377.5 million in 2019 compared to $372.9 million for the year 2018.

Operating profit for the year ended 31 December, 2019 was $785.9 million compared to $783.9 million for 2018. During the year ended 31 December, 2019 there was an increase in gain on disposal of aircraft offset by an increase in depreciation and amortisation expense and lower lease revenue.

Adjusted EBITDA [earnings before interest, tax, depreciation and amortization] was $1.35 billion for the year ended 31 December, 2019 increasing from $1.34 billion for 2018.

“The growth of DAE in the last few years has boosted the contribution of aviation to Dubai’s success. DAE has executed its strategy effectively and is today a successful, large-scale lessor with more than 400 aircraft in its portfolio. We are pleased with the progress DAE has made with the support it has received from ICD,” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DAE.