Dubai Aerospace Enterprise (DAE) company Joramco has reported a 20.8 per cent decrease in revenue in the first nine months of 2020, compared to the year-before period.
Amman, Jordan-based Joramco’s total revenue for the period was US$42.7 million. The decrease was attributed to limited operating capacity due to the spread of Covid-19.
Total profit at DAE, which also has a large aircraft leasing business, was US$167.3 million for the nine months. This compares to US$260.5 million in the year-before period.
Total assets were US$12,489.0 million as of 30 September, compared to US$13,537.1 million as of 31 December 2019.
Commenting on the results, DAE’s chief executive officer said: “The third quarter of 2020 was characterised by excellent new business origination, strong capitalisation, robust liquidity and continuing efforts to assist our clients in this difficult operating environment.
“During Q3 2020, we signed agreements to acquire 31 aircraft with a total value of approximately US$1.1 billion, of which approximately US$0.2 billion was booked in Q3 2020. The remainder will be booked in Q4 2020 and 2021.
“Throughout the quarter, we maintained robust liquidity and ended this period with available liquidity of US$2.1 billion after repaying a US$430 million bond in August.
“We continue to work with our customers on a case-by-case basis to provide a range of solutions that create value for both our clients and for DAE.”