Mubadala-backed Sanad Group reports 53% revenue growth

• Revenues up in first six months
• Total revenue of AED2.3bn
• Lift from maintenance and leasing

Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year.

Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period in 2023.

The increase was attributed to the company’s core maintenance, repair and overhaul and leasing divisions.

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Sanad, which is wholly owned by Abu Dhabi’s sovereign wealth fund Mubadala Investment Company, is expecting revenues to grow to AED4.5 billion by the end of the year, more than a quarter higher than 2023 revenues.

The company did not disclose profit figures although a statement said the group said it “is profitable and aligns with industry-leading benchmarks”.

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Over the first half of the year Sanad Group signed deals with major international airlines including Asiana Airlines and Deucalion Aviation, increasing its global order book to AED33 billion.

Approximately 96 percent of the group’s revenue was generated from outside the UAE.

The results coincide with a global resurgence in air travel. In February 2024, the airline industry achieved full recovery in total passenger traffic, surpassing the pre-pandemic 2019 threshold by 5.7 percent.