According to the newspaper, the company’s fleet of aircraft owned and operated by more than 400.
During the first quarter, the company sold and transferred ownership of 15 aircraft, acquired 4 aircraft on behalf of the investors, and also transferred or extended the lease contracts for 8 aircraft.
"In these unprecedented times, Dubai Aviation Industries has prepared itself to work quietly and balance the needs of all of our important elements - employees, customers, bond holders, banks and shareholders," said Firoz Tarpor, CEO of the company.
Over the past two years, we have monitored significant liquidity to protect our business from unexpected market developments and sell assets more than purchasing them to proactively manage our asset portfolio while refraining from making high-price orders.
He stressed that the Dubai Government Investment Corporation, the shareholder in our company, has always been supportive of the growth we aspire to, as it has provided liquidity and capital to Dubai Aerospace Industries when needed over the past 14 years.
We received a full and early payment in the first quarter of 2020 of our approximately 800 million loan due to our shareholder. In the first quarter, our robust financial position allowed us to repurchase $ 250 million of shares with attractive valuation measures. We do not expect a fundamental change in the net debt to equity measure for the first quarter of 2020.
