Dubai Aerospace Enterprise cancels $ 538 million in asset located in Russia

Dubai Aerospace Enterprise announced the $ 537.9 million devaluation in asset located aeronautics in Russia, after Russian President Vladimir Putin passed a law banning foreign-owned aircraft from leaving the country without government permission.

The company stated in a statement that it has filed insurance claims worth $ 1 billion, anticipating an increase in the amount owed.

Net income before exceptional items increased 91% yoy in the first quarter of 2022 to $ 46.6 million, while cash flows from operating activities increased 64% to reach $ 357 million.

The company had an exceptionally strong liquidity ratio of 486%, while net debt to equity before exceptional items was 2.35 times.

The company’s assets fell to $ 11.644 billion in the first quarter of 2022, compared to $ 12.609 billion at the end of the fourth quarter of 2021.

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