Profits at Irish aircraft lessor Avolon soared last year with the company reaching a record $2 billion in operating cashflow as the business continued to grow.
The company’s net profit rose by 79 per cent to $608 million (€583 million), boosted by a net $150 million payout from insurance claims relating to aircraft previously leased to Russian airlines.
Excluding the impact of that settlement, the adjusted net income was up 35 per cent year on year.
Lease revenue rose 4 per cent year on year to more than $2.5 billion.
Over the 12 months, total available liquidity was $11.6 billion, including $3.1 billion of unrestricted cash and $7.2 billion in undrawn debt facilities.
Over the year, Avolon acquired 45 new aircraft and transitioned 23 aircraft to customers.
It also entered into agreements for the sale and leaseback of 37 new aircraft, sold 55 and ended the year with 64 aircraft agreed for sale.
It placed 30 aircraft from its orderbook during the year, ending 2024 with its orderbook fully placed for the next 24 months.
The company also closed the acquisition of Castlelake Aviation after the reporting period, integrating the company and adding 116 aircraft to Avolon’s owned and committed fleet.
By the end of the year, Avolon had an owned, managed and committed fleet of 1,129 aircraft including the Castlelake fleet.
Avolon chief executive Andy Cronin said 2024 was a successful year for the company.
“We delivered growth across all our key financial and operational metrics, including net income growth of 79 per cent and a record $2 billion of operating cashflow,” he said. “Our in-demand assets and orderbook of new-technology aircraft position us well to capitalise on an attractive market backdrop, enhancing our earnings profile and supporting our path towards higher credit ratings.”
