BOC Aviation reports first half 2017 performance

BOC Aviation has reported its unaudited results for the six months ended June 30, 2017. Total revenues and other income rose 16% to US$670m. Net profit after tax was US$240m, an increase of 13% over the first half of 2016. Total assets increased 7% to US$14.4bn as at June 30, 2017 from 31 December 2016. BOC Aviation maintained strong liquidity with US$333m in total cash and fixed deposits, and US$4bn in undrawn committed credit facilities as at June 30, 2017. The company raised more than US$1bn in new financing. Portfolio utilisation and cash collection from airline customers of 99.6% and 100%, respectively.
In addition, the Board of Directors has announced a change to the dividend policy, increasing the intended annual dividend pay-out to up to 35% of net profit after tax, up from 30% previously. BOC Aviation’s operational transactions as at June 30, 2017 included a portfolio of 297 owned and managed aircraft, with an average aircraft age of 3.1 years and an average remaining lease term of 7.8 years for the owned aircraft fleet, each weighted by net book value. The company has an orderbook of 196 aircraft scheduled for delivery over the period from July 1, 2017 to 2021 and took delivery of 37 aircraft (including three acquired by airline customers on delivery) in the first half of 2017.