Doric Nimrod Air Three (DNA3) H2 2024 earnings summary

Executive summary

• Four Airbus A380 aircraft were leased to Emirates since 2013; all leases end between August and November 2025, with agreed sales to Emirates for £131.91 million total, after which the company will liquidate and return proceeds to shareholders.

• All lease payments were received on time; quarterly dividends of 2.0625 pence per share were paid, with the final dividend expected in October 2025.

• The company’s debt was fully repaid in May 2023, leaving the aircraft unencumbered.

Financial highlights

• Total rental income for the year ended 31 March 2025 was £72.32 million, down from £74.83 million the prior year.

• Net profit for the year was £47.24 million, up from £46.10 million the previous year.

• Earnings per share were 21.47 pence (2024: 20.95 pence).

• Net asset value per share increased to 58.31 pence (2024: 45.08 pence).

• An impairment loss of £4.64 million was recognized due to the agreed sale of aircraft.

Outlook and guidance

• The company anticipates the final dividend in October 2025, with liquidation and return of capital to shareholders expected in Q1 2026, subject to completion of aircraft sales and solvency requirements.

• No further material commitments are expected post-sale, aside from operational and liquidation costs.