BOC Aviation reports another year of record profitability

BOC Aviation Limited reported its audited financial results for the full year ended December 31, 2016. Robert Martin, Managing Director and Chief Executive Officer, said: “2016 was an outstanding year for BOC Aviation that included another year of record profitability, following a successful initial public offering. Our net profit after tax of US$418m represented a 22% increase over 2015, itself a record year, and we generated a return on equity of 14.4% after raising US$550m in new equity in conjunction with our IPO.” BOC Aviation reported that total revenues and other income rose 9% year-on-year, to US$1,193m, net profit after tax was US$418m, an increase of 22% over 2015. Total assets increased 8% year-on-year, to US$13.4bn at December 31, 2016. The Company maintained strong liquidity with US$558m in total cash and fixed deposits, and more than US$4bn in undrawn committed credit facilities at December 31, 2016. As of December 31, 2016, BOC Aviation had a portfolio comprising 284 owned and managed aircraft, with an average aircraft age of 3.2 years and an average remaining lease term of 7.3 years for the owned aircraft fleet. The company had a portfolio utilisation of 99.9% and cash collection from airlines of 99.8%.