Sanad surpasses Dh4.92 billion in revenues for 2024
Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company, on Wednesday announced Dh4.92 billion ($1.34 billion) in revenue for 2024, a 40 per cent increase from Dh3.4 billion in 2023.
Sanad's performance was fueled by strong global demand for engine MRO services, expansion into key global markets, and 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, said: '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.'
MRO capabilities to meet unprecedented demand
During the year, Sanad recorded 161 engine inductions, a 29 per cent 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.
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.
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. 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,' a statement said.
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 monetisation efforts further enhanced Sanad's financial position and supported its long-term growth strategy,' the statement said.
Sanad's workforce saw a 20 per cent expansion in 2024, with over 130 new hires joining the company. Emiratisation remained a core focus, with UAE nationals now comprising 32 per cent of the workforce, a 19 per cent increase from 2023.
Looking ahead
Sanad 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,' the statement said.
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