ABU DHABI: Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi’s sovereign investor Mubadala Investment Company PJSC (Mubadala), today announced its impressive performance for the first half of 2024. This achievement underscores the company’s strategic initiatives and growth trajectory within the global aviation industry.
Sanad Group reported a revenue of AED2.3 billion by the close of H1 2024, with significant contributions from its core Maintenance, Repair, and Overhaul (MRO) and Leasing divisions. The company projects continued growth in its top line and are expecting to generate revenues of AED4.5 billion by the end of this year, marking a 28 percent increase over 2023 and doubling the revenue of 2022. The Group also continued to grow its global presence and generated new business outside the UAE, elevating the services of the business to an export-driven establishment, with approximately 96 percent of the Group’s revenue generated from outside the UAE.
Amer Si
ddiqui, Group Chairman of Sanad, stated, ‘Sanad’s vision to become a global aviation services champion is driven by a commitment to continuous innovation and industry-leading service standards. Our robust performance reflects our steadfast commitment to our strategic vision, which supports the UAE’s aviation ambitions on the global stage.’
Mansoor Janahi, Managing Director and Group CEO of Sanad, commented, ‘Our performance in H1 2024 reflects our unwavering commitment to excellence and strategic growth. As we look ahead, we are confident in our ability to continue delivering value and quality to our stakeholders and achieving our vision of becoming a global MRO champion.’
Sanad remains committed to its goal of becoming one of the leading independent engine MRO service providers globally. During the first half of the year, the company significantly bolstered its committed backlog through new agreements with major international airlines like Asiana Airlines and Deucalion Aviation, increasing Sanad’s global o
rderbook to AED33 billion. This marks an addition of approximately AED4 billion to its contracted business in 2024. The substantial growth in MRO revenue reflects Sanad’s successful integration of new capabilities whilst enhancing its operational efficiency, and meeting the increasing demands of its global clientele.
The MRO Division showcased stellar results in H1 2024, with 160 engine inductions planned for the year, a 22 percent increase from 2023. This growth, driven by the resurgence in global air travel demand along with new strategic agreements with Deucalion Aviation and Asiana Airlines, saw 70 engines inducted across four product types in H1 2024. Investments exceeding AED100 million in capability development, and facility upgrades alongside increased engine inductions of the CFM LEAP, Rolls-Royce Trent 700, International Aero Engines V2500, and GE Aerospace GEnx models highlight Sanad’s increased capacity and capabilities.
Source: Emirates News Agency
