UAE’s Dubai Aerospace Enterprise had a good 2Q

Dubai Aerospace Enterprise (DAE) saw its net income grow 12.8% y-o-y to AED USD 81 mn in 2Q 2024, according to its financials (pdf). The company’s revenues dropped 2.7% y-o-y to USD 331.1 mn.

On a six-month basis, DAE’s income rose 5.5% y-o-y to USD 148.8 mn in 1H 2024. The company saw its revenues edge up 1.9% y-o-y to USD 662.4 mn during the first six months of 2024. Total assets grew 4.6% y-o-y to USD 12.85 bn, attributable to operational gains and loan drawdowns.

It’s shaping up to be a good year for DEA: Delays in new jet deliveries from Boeing and Airbus are bearing fruit for DEA services with MRO requests surging, according to an interview with DAE CEO Firoz Tarapore in Bloomberg last month. DAE’s maintenance and overhaul facilities have been booked solid for the next 18 months. “Airlines have intense pressure to make sure that every aircraft they own is up flying and making money for them because the supply of new aircraft is constrained,” Tarapore said.