Emirates buys five A380 jets from London-listed lessor
WAM
Dubai’s Emirates will buy five A380 jumbo jets leased from London Stock Exchange-listed Doric Nimrod Air Two Limited for $200 million.
The leases on the five jumbo jets are expected to end between October 1 and November 30, 2024.
Emirates will pay $40 million per jet under the new deal.
Doric Nimrod Air Two purchased seven Airbus A380-861 aircraft from October 2011 onward, which were each leased for 12 years to Emirates.
The UK plane lessor sold two leased wide-body A380 aircraft last year following the end of their respective leases for $70 million.
The Dubai airline has 116 A380s in its fleet as of March 31, 2024, according to the 2023-2024 annual report.
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In May, Emirates Group, the airline’s parent company, announced record profits of just over $5 billion for the year.
The airline reported its best performance on record as profits hit $4.7 billion for the 12-month period, despite operating costs increasing by 8 percent. The airline’s fuel bill was up marginally by $1 million year on year to $9.3 billion.
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