CALC reports revenue growth and expands fleet in H1 2024

China Aircraft Leasing Group Holdings (CALC) has reported its unaudited interim results for the six months ending June 30, 2024, showcasing an 8.7% increase in total revenue to HK$2,528.1 million. Profit attributable to shareholders amounted to HK$131.7 million, with earnings per share recorded at HK$0.177. The Board has declared an interim dividend of HK$0.12 per share, totalling HK$89.4 million.

During the review period, CALC’s fleet grew to 199 aircraft, including 172 owned and 27 managed, following the delivery of 12 new-generation, fuel-efficient models. The Group also signed 17 aircraft sales and purchase agreements, successfully completing the sale of five aircraft. CALC’s fleet remains highly liquid, with 90% of its owned aircraft comprising narrow-body models, which are in high demand globally.

The Group’s customer network expanded, with 68% of the owned fleet leased to Chinese airlines, including state-owned carriers with strong financial backing. CALC also established new partnerships with top-tier airlines such as Lufthansa Group and Cebu Pacific Air, further strengthening its global presence. By the end of June 2024, CALC’s customer base included 42 airlines across 22 countries and regions.

CALC maintained robust liquidity, with cash and cash equivalents totalling HK$6,114.5 million, reflecting a 15.5% increase from December 31, 2023. The Group also secured over HK$17 billion in new and renewed facilities while improving its debt structure by issuing RMB1.5 billion in medium-term notes at favourable rates, increasing its RMB-denominated debt to nearly 27% of its total interest-bearing debt.

In a significant milestone, CALC completed its first RMB-denominated export leasing transaction for a China-made ARJ21 aircraft, marking the country’s first cross-border leasing of aircraft settled in Chinese Yuan. This achievement highlights the growing importance of China’s aircraft in the global market and the RMB’s role in international trade settlement. (US$1.00 = RMB7.12 / HK$7.80)