UAE – Mubasher: Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Mubadala, announced its financial performance for the first half (H1) of 2024.

Sanad posted a revenue of AED 2.30 billion in H1-24, with significant contributions from its core maintenance, repair, and overhaul (MRO) and leasing divisions, according to a press release.

The company is expecting to generate revenues of AED 4.50 billion by the end of 2024, marking a 28% increase over 2023 and doubling the revenue of 2022.

Sanad expanded its global presence and generated new business outside the UAE, boosting the services to an export-driven establishment, with nearly 96% of the group’s revenue recorded outside the UAE.

During the first six months (6M) of 2024, the company bolstered its committed backlog through new agreements with key international airlines, such as Asiana Airlines and Deucalion Aviation, increasing its global order book to AED 33 billion. This marks an addition of approximately AED 4 billion to its contracted business in 2024.

Amer Siddiqui, Group Chairman of Sanad, commented: “Sanad’s vision to become a global aviation services champion is driven by a commitment to continuous innovation and industry-leading service standards.”

Mansoor Janahi, Managing Director and Group CEO of Sanad, said: “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.”

As Sanad enters H2-24, it plans to leverage its strong operational performance to drive further growth and innovation. The company is exploring opportunities to expand geographically and diversify its services, including potential growth in its Airport Services division, aiming to provide comprehensive solutions across the aviation value chain.