DUBAI / WAM
Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the six months ended June 30.
According to the consolidated financial statements, the DAE’s total revenue reached $672.6 million during the first half of 2020 and net income hit $121.7 million.
The company’s pre-tax profit margin reached 20% and pre-tax return on equity hit 8.9%. The available liquidity of the company also reached $2,818 million during the first six months of 2020.
Commenting on the financial results, Firoz Tarapore, Chief Executive Officer of DAE, said: “Our financial results for the first half of 2020 were characterised by excellent and abundant liquidity, strengthening balance sheet and lower reported profitability.”