Sanad achieves strong results, surpassing Dh4.92 billion in revenues for 2024, marking a 40% surge
Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company PJSC (Mubadala), has announced exceptional financial results for 2024, surpassing the $1 billion milestone for the first time in its history.
The company reported Dh4.92 billion ($1.34 billion) in revenue, a 40% increase from Dh3.4 billion ($925 million) in 2023, underscoring its rapid expansion and strategic market positioning.
Sanad's exceptional performance was fueled by unprecedented global demand for engine MRO services, expansion into key global markets, and transformative strategic agreements with leading airlines and global Original Engine Manufacturers (OEM).
Sanad's Leasing division witnessed significant achievements, executing five major transactions exceeding Dh1.8 billion ($490 million) in combined value, positioning the division to develop its new long-term growth strategy.
The company's Dh33 billion order book was bolstered by major partnerships with Air Mauritius, Deucalion Aviation, Asiana Airlines, and Lion Air, propelling its contracted business by an additional Dh4 billion in 2024.
Additionally, Sanad's global expansion strategy was reinforced by establishing a dedicated sales presence in Singapore, further strengthening its footprint in the high-growth APAC region and enhancing its global sales network.
Amer Siddiqui, Group Chairman of Sanad, stated, 'Sanad's record-breaking performance in 2024 is a testament to our resilient strategy, operational excellence, and long-term investment plans. This achievement reinforces our pivotal role in Abu Dhabi's vision of becoming a global aviation hub which solidifies Sanad's position as a leader in the global aviation market. Our continued growth underscores the strength of our business model and our unwavering commitment to delivering world-class solutions to our partners from our home base in Abu Dhabi.'
Mansoor Janahi, Managing Director and Group CEO of Sanad, said, '2024 was a transformational year for Sanad. Surpassing $1.34 billion in revenue reflects the strong market demand for our services, our advanced engine MRO and leasing capabilities, and the dedication of our exceptional teams. With strategic expansions, new partnerships, and an unwavering focus on innovation and service-delivery, we are well-positioned to sustain this momentum and drive the future of the aerospace sector in Abu Dhabi.'
Scaling MRO Capabilities to Meet Unprecedented Demand
Sanad further solidified its position as a leading independent engine MRO service provider, recording 161 engine inductions, a 29% increase from 2023.
This surge was fueled by soaring demand for Trent 700, V2500, and LEAP engine maintenance. To accommodate this demand, Sanad invested over Dh100 million to expand its MRO infrastructure, ensuring state-of-the-art engine repair and maintenance capabilities.
As part of its continued growth, Sanad marked the first anniversary of its LEAP Engine MRO Center which was inaugurated in 2023, expanding its expertise to include both LEAP-1A and LEAP-1B capabilities. This milestone reinforces Sanad's commitment to capability development and service excellence in the global aviation industry.
To strengthen its market presence, Sanad has also established a dedicated sales presence in Singapore, complementing its existing sales teams in Europe and the Middle East. This expansion reinforces its global sales network and positions the company closer to key customers in the high-growth APAC region.
In 2024, Sanad's MRO division processed 54 V2500 engines, 40 Trent 700 engines, 28 GEnx engines, and 21 LEAP engines, performing over 43,000-part inspections and 19,000 in-house repairs.
Additionally, Sanad welcomed seven new customers in 2024, bringing its total customer base to over 40, including leading airlines and OEMs worldwide. This expansion of capacity and capabilities, combined with growing global air travel, positions Sanad as a preferred partner for airlines and OEMs worldwide.
Driving Financial Strength Through Strategic Asset Monetization
Sanad's Leasing division played a pivotal role in revenue growth executing a total of five strategic deals, with a combined capital value exceeding Dh1.8 billion. These deals underscored Sanad's ability to optimize its asset portfolio and enhance financial strength through strategic monetizations.
Among the division's standout achievements was the sale of 16 engines to Etihad Airways, valued at nearly Dh1.5 billion. Additionally, high-value CFM56 engine transactions with CFM Materials and component sales to AerSale, further bolstered Sanad's financial position, demonstrating its ability to extract maximum value from its leasing assets.
Sanad also completed the sale of a GE90 engine and key component transactions with AerCap, executed the sale of two CFM56-7B26 engines to CFM Materials. These strategic asset monetization efforts further enhanced Sanad's financial position and supported its long-term growth strategy.
Human Capital Investments: Strengthening the Future Workforce
Sanad's workforce saw a 20% expansion in 2024, with over 130 new hires joining the company. Emiratization remained a core focus, with UAE Nationals now comprising 32% of the workforce, a 19% increase from 2023.
The company accelerated talent development through apprenticeship programs and leadership initiatives, investing in over 3,109 training hours in upskilling programs. Strategic collaborations with global OEMs such as Rolls-Royce and leading academic institutions, including Embry-Riddle Aeronautical University and Khalifa University further underscore Sanad's commitment to developing the next generation of aerospace leaders. These programs span multiple levels, covering technical training, leadership development, and specialized upskilling initiatives to ensure a highly capable and future-ready workforce.
Commitment to Quality and Safety
Sanad continued to uphold the highest safety and quality standards, securing a new certification from the European Aviation Safety Agency (EASA) and implementing an advanced Safety Management System (SMS). The company's compliance with 23+ global aviation authorities, including EASA, FAA, and the Chinese aviation authority, reaffirms its commitment to regulatory excellence and global operational reliability.
Looking Ahead: Innovation and Expansion
Sanad is strategically poised for further global expansion, with plans to increase engine MRO capacity within the UAE while targeting global growth in emerging markets in Africa, India, and Southeast Asia. The company is strengthening its human capital development, forging strategic industry collaborations, and continues to invest in cutting-edge MRO solutions, automation, and AI-driven initiatives to drive efficiency and innovation.
Strengthening its global partnerships remains a priority as Sanad reinforces its leadership role in the aviation industry.
Looking ahead, Sanad remains focused on delivering long-term stakeholder value, driving industry innovation, and further establishing Abu Dhabi as a global aviation hub.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
an hour ago
- Al Etihad
Borouge announces $193 million Q2 net profit
31 July 2025 13:33 ABU DHABI (ALETIHAD) Borouge Plc, a leading petrochemicals company providing innovative and differentiated polyolefins solutions, today announced a net profit of $193 million for the second quarter of 2025, exceeding market results reflect disciplined execution of the planned Borouge 3 turnaround, with the company maintaining strong margins and healthy cash generation on the back of effective cost management and sustained premia across its high-value product Borouge 3 turnaround was successfully executed during the quarter, completed safely, within budget and delivered eight days ahead of the largest and most complex turnaround to date, the company optimised downtime by 15 per cent, reflecting the efficiency of the company's planning and execution planned, regular six-year maintenance turnarounds are essential to servicing Borouge's world-class assets and maintaining high utilisation rates and production EBITDA for the second quarter was $440 million, reflecting performance above expectations during the planned Borouge 3 turnaround. Borouge maintained a healthy EBITDA margin of 34 per cent, supported by product mix optimisation throughout a scheduled major maintenance Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, 'Borouge's results are underpinned by healthy cash flows, disciplined execution and strong pricing premia, following the successful completion of the planned Borouge 3 turnaround, our largest to date."He added, "Reflecting our commitment to delivering shareholder value, we reaffirm our intention to increase Borouge's dividend to 16.2 fils per share for 2025 and our proposed H1 2025 dividend of 8.1 fils per share to be paid in September. The increased dividend is also expected to serve as the intended minimum share payout to at least 2030 under Borouge Group International.'Strong pricing premia above product benchmark prices for polyethene (PE) and polypropylene (PP) remained a key highlight of the quarter, with $249 per tonne achieved for PE and $141 per tonne for PP, both exceeding management's through-the-cycle by Borouge's ability to reallocate volumes to maximise netbacks, its differentiated portfolio and disciplined execution, the company sustained premium positioning despite softer market reported revenue of $1.31 billion in Q2 2025, compared to $1.5 billion in Q2 2024, taking into account the planned Borouge 3 maintenance, reflecting a quarter that balanced disciplined asset management with the company's ongoing commitment to delivering value for volumes totalled 1.1 million tonnes, broadly stable quarter-on-quarter, supported by approximately 140 kilotonnes of inventory sales. High-value products continued to account for 41 per cent of total volumes, with strong momentum in infrastructure and advanced packaging expenditure in Q2 amounted to $130 million. Borouge closed the quarter with a net debt-to-EBITDA ratio of 1.0x, maintaining a strong balance sheet and significant financial the first half of the year, revenue stood at $2.72 billion compared to $2.81 billion in H1 2024. Adjusted EBITDA reached $1.0 billion versus $1.18 billion in the prior-year period, with margins supported by strong pricing premia, cost discipline and inventory sales. Sales volumes totalled 2.39 million tonnes, down just 2 per cent year-on-year, reflecting Borouge's operational resilience and agility. The company has proposed an increased minimum interim dividend of 8.1 fils per share for the first half of 2025, subject to shareholder approval at the upcoming General Assembly in August. This interim payout reflects the first instalment of the previously announced intention to increase the full-year 2025 dividend to 16.2 fils per share, marking an uplift from 15.88 fils in 2024, representing an estimated dividend yield of 6.1 per cent at the current share price, one of the highest on the Abu Dhabi Securities Exchange (ADX). This reinforces the company's increased dividend its listing in 2022, Borouge has paid a total of $3.58 billion in dividends to shareholders. Upon completion of the proposed Borouge Group International transaction, the newly formed entity intends to maintain an annual minimum dividend of 16.2 fils per share up to at least 2030. This represents a cumulative shareholder return of approximately 37 per cent with a strong upside potential and a 90 per cent dividend payout ratio of net continues to execute a share buyback approved at its AGM in April, reflecting the company's strong confidence in its prospects. It has purchased 125 million shares at the end of the second quarter, with transactions reported as per ADX regulatory continues to advance its company-wide AI, Digitalisation and Technology (AIDT) programme, which has delivered $307 million in value year-to-date. A key milestone this year was the launch of its proof-of-concept project with Honeywell to develop the petrochemical industry's first AI-powered control room, enabling autonomous operations at Borouge's Ruwais facilities. Source: Aletihad - Abu Dhabi
Al Etihad
13 hours ago
- Al Etihad
UAE tech leaders focus on cloud, GenAI skills to fuel digital transformation
31 July 2025 01:15 ABU DHABI (ALETIHAD)A majority of UAE technology leaders identify cloud (93%) and Generative AI (GenAI) (89%) transformation as top business priorities over the next three years, recognising both as foundational to future according to new research from leading global online learning platform Coursera, Inc., developed in partnership with Amazon Web Services (AWS).Titled 'From Cloud to AI: How Tech Leaders are Investing in Skills Development to Drive Transformation', the report offers key insights into how organisations and their senior technology leaders are strategically addressing skills gaps to meet their digital transformation findings show that UAE tech leaders view keeping pace with technology (61%) and staying ahead of security threats (60%) as the most critically important drivers of skills development. Optimising cloud spend (59%) and managing complex infrastructures (52%) were also cited as major concerns, underscoring the urgent need for a skilled Zribi, Coursera's General Manager for the Middle East and Africa, said: "While automation is vital to transforming teams, workflows, and business operations, the UAE data reveal that strategic investments in human capital through upskilling and reskilling will be crucial to driving innovation. As organisations look to fully harness the potential of cloud and AI, investing equally in technology and people will be foundational to building a future-ready workforce."This report delivers a clear mandate for technology leaders: investing in skills development must be a cornerstone of every transformation strategy."The report also highlights that 95% of tech leaders worldwide view cloud transformation as a key business foundational skills are prioritised, with 63% ranking cloud skills, such as cloud development and engineering, as the most critical, followed by data (58%) and cybersecurity (54%). AI skills rank fourth, with 47% identifying them as important over the next three than half (52%) of global tech leaders expect 30-50% of tasks to be automated. Nearly all (99%) anticipate their codebases will be partially AI-generated or developed with AI assistance in the next three years, with 86% expecting 20-50% of their codebase to involve AI in its creation. Yet, 88% believe human contributions remain irreplaceable, emphasising that AI success depends on greater investment in talent development. Source: Aletihad - Abu Dhabi
Al Etihad
19 hours ago
- Al Etihad
Air Arabia expands Russian network from Ras Al Khaimah
30 July 2025 19:30 RAS AL KHAIMAH (ALETIHAD)Air Arabia, the Middle East and North Africa's first and largest low-cost carrier (LCC) operator, has announced the launch of two new direct routes connecting Ras Al Khaimah to Yekaterinburg and Kazan in new flights will commence this October, further expanding the airline's growing network from its Ras Al Khaimah October 27, 2025, Air Arabia will operate weekly flights to Yekaterinburg's Koltsovo International Airport every Monday, meanwhile, the non-stop service to Kazan International Airport will begin on October 31, 2025, with weekly flights every Friday.'We are glad to introduce our new non-stop services from Ras Al Khaimah to Yekaterinburg and Kazan, further expanding our growing network from the emirate', said Adel Al Ali, Group Chief Executive Officer, Air Arabia.'Russia remains a key market for us, and these additions reflect our commitment to offering more travel options while supporting the continued growth of tourism and trade between the UAE and Russia.'The launch of the new routes to Yekaterinburg and Kazan mark Air Arabia's continued expansion from its Ras Al Khaimah hub, reaffirming the airline's commitment to offering affordable and convenient connectivity to existing direct flights to Moscow, the addition of these two cities further strengthens Air Arabia's footprint in the Russian market, and enhances travel options for both leisure and business addition to the new routes, Yekaterinburg is also served with non-stop flights from Sharjah and Abu Dhabi, while Kazan is accessible from Sharjah, offering passengers across the UAE multiple gateways to Russia through Air Arabia's from Ras Al Khaimah, Air Arabia serves a growing network of 10 international destinations, including Cairo, Jeddah, Islamabad, Lahore, Peshawar, Calicut, Moscow, Tashkent as well as the newly added Yekaterinburg and Kazan. Source: Aletihad - Abu Dhabi
