Aircraft Lessor BOC Aviation Limited has reported a record full-year 2023 net profit of $764 million or $1.10 per share on an increase in revenue to 2.46 billion, up from $2.30 billion in FY 2022.
On Thursday (March 14, 2024), BOC Aviation Limited reported their financial results for the full-year ending December 31, 2023. The aircraft lessor reported a record annual profit of $764 million or $1.10 per share on revenue of $2.46 billion, an increase from $2.30 billion in FY 2022. During 2023, BOC committed to the acquisition of 95 aircraft, ending 2023 with a record total committed capital of $12.0 billion and an orderbook of 224 aircraft. At December 31, 2023, the company had assets totaling $24.2 billion, up 10 percent year-over-year, and liquidity totaling $5.6 billion, including $392 in cash and cash equivalents, and $5.2 billion in undrawn committed credit facilities.
In Thursday’s financial announcement, BOC Aviation’s Managing Director, Steven Townend, said,
“We are delighted to report record earnings as we celebrate our 30th anniversary. We achieved record fleet growth in 2023, which also drove our revenues, cashflows and asset values to record highs. With passenger travel growth expected to remain firm, we are well placed to leverage continued strong demand for the modern aircraft that comprise our fleet and orderbook.”
At the end of 2023, BOC Aviation had a total fleet of 684 owned, managed or ordered aircraft, with an average age of 4.6 years and an average remaining lease term of 8.1 years for the 426 owned aircraft. During 2023, BOC executed a record 348 transactions, including commitments to purchase 95 aircraft, delivery of 65 aircraft, the sale of 20 aircraft and one engine, and 142 lease commitments. At December 31, 2023, the company’s orderbook totaled 224 aircraft, and BOC ended the year with an aircraft utilization rate of 99 percent for their owned portfolio.
Singapore-based BOC Aviation Limited (HKEX Code: 2588) is a leading global aircraft operating leasing company with a fleet of 684 owned, managed or ordered aircraft. As of December 31, 2023, the company’s owned and managed fleet was leased to 91 airlines in 45 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