Nordic Aviation Capital (NAC) has released its annual financials for the year ended December 31, 2023. Key highlights include a net income of US$72 million, total available liquidity of US$856 million, and total assets of US$3.8 billion at year-end. The net debt stood at US$1.85 billion, with book equity reaching US$736 million.
NAC owns 270 aircraft and has purchase commitments for 36 fuel-efficient, new-technology aircraft. The company up-sized its warehouse credit facility from US$400 to US$650 million, with new banking partners joining the facility. Additionally, NAC initiated a debt buyback programme, purchasing back US$105.5 million.
In terms of aircraft transactions, NAC sold 60 aircraft (primarily E1s and Q400s), acquired 13 narrow-body aircraft and obtained two spare engines, engaging in a total of 177 transactions. The company also initiated sustainable aviation fuel (SAF)-powered customer delivery flights in partnership with TotalEnergies and published its inaugural Environmental, Social, and Governance (ESG) report.
Norman C.T. Liu, President & CEO of NAC, expressed satisfaction with the financial results and portfolio reshaping in 2023. He looks forward to continued progress in 2024, aiming to execute the company's strategy and maximize shareholder value.
Jennifer Creevey, EVP & CFO, emphasised NAC's robust full-year results for 2023, highlighting a strong net income and maintaining a solid liquidity position as the company enters 2024. (£1.00 = US$1.27 at time of publication).
