In the fiscal year ending on December 31, 2023, BOC Aviation‘s (BOC) financial performance demonstrated significant growth and resilience. Total revenues and other income experienced a notable 7% increase year-on-year, reaching US$2.5 billion.
A remarkable net profit after tax of US$764 million was achieved, a substantial rise from US$20 million in 2022. Core net profit after tax stood at US$547 million, excluding US$217 million of net after-tax recoveries related to aircraft in Russia. This marked a slight increase from the core earnings of US$527 million in 2022, excluding the net impact of the write-down of aircraft in Russia.
Earnings per share amounted to US$1.10, with net assets per share totalling US$8.28.
Operating cash flow, net of interest, saw an 8% uptick, reaching US$1.6 billion. As of December 31, 2023, total assets surged to US$24.2 billion, marking a 10% rise from 2022. New debt financing of US$4.1 billion was successfully secured, consisting of US$2.5 billion in loans and US$1.7 billion in bonds.
Strong liquidity was maintained, with US$5.6 billion on hand, including US$392 million in cash and cash equivalents, along with US$5.2 billion in undrawn committed credit facilities by the end of December 2023.
The company’s fleet expanded to 460 owned and managed aircraft leased to 91 airlines in 45 countries and regions in 2023. BOC Aviation remains one of the top-five global aircraft operating leasing companies and the largest aircraft leasing company based in Asia-Pacific, by value of owned fleet. (£1.00 = US$1.28 at time of publication).