BOC Aviation Reports $930MM in Revenue in H1/2019

BOC Aviation reported its unaudited results for the six months that ended on June 30, 2019. Revenue rose 13% year over year from the same time period in 2018.

Robert Martin, BOC managing director and CEO, said, “We have just achieved a major milestone in June 2019 as our cumulative net profit after tax (NPAT) exceeded $4 billion since inception. BOC Aviation reported NPAT of $321 million in the first half of 2019, an increase of 8% compared with the same period last year. Revenue rose 13% to $930 million from $825 million, and our fleet net book value grew 6% to $15.9 billion from December 31, 2018, as we continued to take delivery of modern, fuel efficient aircraft. The 8% rise in the interim dividend declared underpins our continued focus on delivering good long-term returns for our shareholders.”

Other financial highlights from the first half of 2019 included:

  • Earnings per share of US$0.46
  • Interim dividend of $0.1388 per share
  • Maintained strong liquidity with $295 million in total cash and short-term deposits, and $3.5 billion in undrawn committed credit facilities as at 30 June 2019
  • Raised more than $1.5 billion in new financing
  • Portfolio utilisation and cash collection from airline customers of 99.6% and 97.2%, respectively

Operational transactions and highlights as of June 30, 2019 included:

  • A portfolio of 499 owned, managed and committed aircraft1
  • Owned fleet of 314 aircraft, with an average age of 3.1 years and an average remaining lease term of 8.2 years, each weighted by net book value
  • Orderbook of 162 aircraft1
  • Took delivery of 25 aircraft, including five acquired by airline customers on delivery, in the first half of 2019
  • 18 aircraft scheduled for delivery in the first half of 2019 were delayed, comprising 12 Airbus aircraft delayed primarily due to industrial constraints and six Boeing aircraft delayed primarily due to the 737 MAX grounding
  • Signed 39 lease commitments in the first half of 2019
  • Customer base of 92 airlines in 40 countries and regions in the owned and managed fleet
  • Sold 11 aircraft, including two managed aircraft
  • Managed fleet comprised 23 aircraft
  • Repossessed five owned and three managed aircraft from airlines that had ceased operations, and delivered all eight aircraft to new customers

BOC Aviation is a global aircraft operating leasing company with a fleet of 499 aircraft owned, managed and on order. Its owned and managed fleet was leased to 92 airlines worldwide in 40 countries and regions as of June 30, 2019.

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