Global aviation finance company Avolon has announced its full-year results for 2024, reporting a net income of US$608 million, marking a 79% increase year on year. Adjusted net income stood at US$458 million, up 35% compared to the previous year, excluding settlement proceeds of US$177 million (US$150 million net of tax) from insurance claims related to aircraft previously leased to certain Russian airlines.
Avolon maintained a strong liquidity position, with total available liquidity of US$11.6 billion, comprising US$3.1 billion in unrestricted cash and US$7.2 billion in undrawn debt facilities. The company achieved record operating cashflow of US$2.0 billion, reflecting a 15% year-on-year increase.
During the year, Avolon secured US$14 billion in funding across public and private markets, with 79% of this being unsecured. The company maintained a net debt-to-equity ratio of 2.1 times, an unsecured-to-total debt ratio of 67%, and held US$20 billion in unencumbered assets. Avolon also retained its investment-grade ratings with a positive outlook from both Moody's (Baa3) and Fitch (BBB-).
Following the year-end, Avolon successfully closed and fully integrated its acquisition of Castlelake Aviation Limited (CA Ltd), adding 116 aircraft to its owned and committed fleet. Throughout the year, the company acquired 45 new aircraft and transitioned 23 aircraft to 25 customers.
Avolon placed 30 aircraft from its orderbook, ensuring that its orderbook was fully placed for the next 24 months by year-end. It also entered into agreements for the sale and leaseback of 37 new aircraft.
The company sold 55 aircraft in 2024 and ended the year with agreements in place for the sale of an additional 64 aircraft. At the close of the year, Avolon's owned, managed, and committed fleet, including the CA Ltd acquisition, stood at 1,129 aircraft.
