Dubai Aerospace Enterprise, the biggest lessor in the Middle East, said profits were up nearly threefold from the same period in 2017, with results reflecting its acquisition of Irish company Awas.
DAE's profit attributable to shareholders rose to $95.9 million in the third quarter ending September 30 from $32.3m in the same period last year, the company said in a statement on its website. Revenues for the period increased to $354.7m from $246.3m.
The Dubai lessor plans to double its fleet of 365 planes over the next decade, following the acquisition of Awas in August last year. It is in talks with Boeing and Airbus for a narrow-body plane order of about 400 jets.
In the Middle East – which, together with Africa and South Asia, represents more than a third of DAE’s client base – airlines will require 2,990 aircraft worth $754 billion over the period, as passenger traffic in the region climbs by an average of 5 per cent per year to 2035, according to the International Air Transport Association.
In the first nine months of the year, DAE recorded a rise in profit to $290m from $77.1m year-on-year, it said. Revenue for the period rose to $1.07bn from $477.5m.
DAE's fleet comprised 365 aircraft as of September 30, 313 of them owned and 37 managed, it said. It also has orders for 10 new aircraft from Airbus and Aerei da Trasporto Regionale, six of which are due for delivery by the end of the year. The lessor has commitments to purchase five aircraft from airlines, which are due for delivery by year-end.
DAE's owned fleet has a book value of $11.9bn, excluding finance lease receivables as of the third quarter.
The lessor's top airline customers are Emirates, Gulf Air, Ethiopian Airlines, Saudia and Azul.