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BOC Aviation Reports First Half 2023 Net Profit of $262 Million or $0.38 per Share

BOC Aviation Limited has reported a first half 2023 net profit of $262 million or $0.38 per share on revenue of $1.06 billion, down from $1.2 billion during the same period last year. During H1, the company grew their assets to nearly $23 billion.

Airbus A320neo Rendered in BOC Aviation Livery - Courtesy Airbus

On Thursday (August 17, 2023), BOC Aviation Limited announced their financial results for the first half (H1) of 2023 for the period ending June 30, 2023. The aircraft lessor reported an H1 net profit of $262 million or $0.38 per share on $1.06 billion in revenue, down slightly from $1.2 billion during the same period last year. During H1 2023, BOC grew their total assets to nearly $23 billion and committed to the acquisition of 23 new aircraft, closing the first half of 2023 with CAPEX commitments totaling $11 billion. At June 30, 2023, the company had cash and short-term deposits of $547 million and $5.2 billion in undrawn committed credit facilities.

In Thursday’s announcement, BOC Aviation’s Deputy Managing Director and Chief Financial Officer, Steven Townend, said,

“In the first half of 2023, BOC Aviation reported NPAT of US$262 million, a 27% improvement on the core net profit after tax of US$206 million that we generated during the first half of last year. We saw strong demand for our aircraft and this was reflected in the growth that we achieved in our balance sheet, income and cashflow. Our robust delivery pipeline positions us well to capitalise on rising airline customer demand for the young, fuel-efficient aircraft in our fleet.”

BOC Aviation's H1 2023 Financial Results and Fleet Data - Courtesy BOC Aviation Limited

At June 30, 2023, BOC Aviation’s portfolio included 652 owned, managed or ordered aircraft. The company’s 0wned fleet of 404 aircraft had an average age of 4.7 years and an average remaining lease term of 8.0 years. BOC has an orderbook of 213 aircraft scheduled for delivery through December 31, 2029. During H1 2023, the company took delivery of 16 aircraft, including one acquired by an airline customer upon delivery. BOC Aviation also signed 45 lease commitments in the first half of 2023, and ended the period with an owned aircraft utilization rate of 99 percent.

Singapore-based BOC Aviation Limited (HKEX Code: 2588) is a leading global aircraft operating leasing company with a fleet of 652 owned, managed or ordered aircraft. As of June 30, 2023, the company’s owned and managed fleet was leased to 91 airlines in 42 countries and territories. In addition to their Singapore headquarters, BOC maintains offices in Dublin, London, New York and Tianjin. BOC Aviation Limited is a Member of The Bank of China Group.

Source: BOC Aviation Limited


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