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BOC Aviation Reports Full Year 2020 Net Profit of $510 Million on 4 Percent Revenue Growth to $2.1 B

BOC Aviation Limited has reported a 2020 net profit of $510 million or $0.73 per share on a four percent year-over-year revenue increase to $2.1 billion. The company’s total assets increased 19 percent versus last year to $23.6 billion.

BOC Aviation Reports 2020 Full Year Financial Results - Courtesy BOC Aviation Limited

On Thursday (March 11, 2021), BOC Aviation Limited announced their full year 2020 financial results for the period ending December 31, 2020. The company reported a full year net profit of $510 million or $0.73 per share on a four percent year-over year revenue increase to $2.1 billion. During the year, BOC raised $5.5 billion and the company’s assets increased 19 percent versus last year to $23.6 billion. As of December 31, 2020, BOC had $408 million in cash and equivalents and $4.7 billion in undrawn committed credit facilities. The company’s Board has recommended a final 2020 dividend of $0.1173/share, pending approval at the AGM on June 3, 2021.

In today’s announcement, BOC Aviation Limited’s Managing Director and Chief Executive Officer, Robert Martin, said,

“In 2020, BOC Aviation’s core business continued to perform well in the most challenging year in aviation history. Net profit after tax was US$510 million and we will recommend to shareholders to approve a final dividend of 11.73 US cents per share, bringing total dividends for the full year to 35% of net profit after tax. Total revenues and other income exceeded US$2 billion for the first time in 2020, up 4% year-on-year, and our total assets rose to US$23.6 billion as at 31 December 2020, 19% higher than 2019. Operating cash flows net of interest paid increased 13% for the full year compared with 2019. “We worked to support our customers by increasing purchase and lease back activity, while reducing and deferring orders from manufacturers in the near term. We delivered 54 aircraft to our airline customers, taking our owned and managed fleet to a new high of 398 aircraft. BOC Aviation demonstrated resilience in the face of a global pandemic, and we positioned the Company for long term earnings growth. The strength of our balance sheet and access to liquidity remain hallmarks of our Company. These place us well to deal with both the challenges that Covid-19 still presents to the world, as well as the recovery that we hope will gain momentum later this year. We would like to thank all of our stakeholders and colleagues for their support in this tumultuous year.”

As of December 31, 2020, BOC had a total fleet 553 owned, managed and ordered aircraft with an average age of 3.5 years and an average remaining lease term of 8.6 years on the company’s 358 owned aircraft. At the close of the year, the company had aircraft leasing agreements with 87 airlines in 39 countries and regions. BOC took delivery of 54 aircraft in 2020, sold 12 owned aircraft and signed 102 lease commitments. The company ended the year with an order book of 155 aircraft and recorded an aircraft utilization rate for owned aircraft of 99.6 percent.

BOC Aviation's 2020 Financial Results and Fleet Data - Courtesy BOC Aviation Limited

Singapore-based BOC Aviation Limited (HKEX Code: 2588) is a leading global aircraft operating leasing company with a fleet of 553 owned, managed or ordered aircraft. As of December 31, 2020, the company’s owned and managed fleet was leased to 87 airlines in 39 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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