Dubai Aerospace Enterprise (DAE), a globally recognised aerospace company, has reported net income for 2015 of $610.4 million (Dh2.243 billion), an increase of 283 per cent from $159.5 million (Dh586 million) in 2014.

The net income includes the gain on sale of StandardAero, said a statement.

Revenue for full year 2015 increased to $408 million (Dh1.499 billion) from $389.5 million (Dh1.431 billion) for full year 2014. Revenues for 2014 are restated to exclude the results of StandardAero, which was sold in July 2015, according to the statement.

DAE managing director Khalifa H AlDaboos said: “2015 was an important year for DAE. The sale of StandardAero in July 2015 marked the first step in reallocating our capital towards building a world-class aerospace footprint anchored in Dubai.”

“The DAE Capital division continued its growth trajectory in 2015. The net book value of the portfolio at year end 2015 grew to approximately $4 billion (Dh14.5 billion). As of December 2015, DAE Capital has firm commitments to acquire 23 additional aircraft. The team was further augmented in 2015 to support the anticipated future growth of the business,” he added. – TradeArabia News Service