BOC Aviation posts net profit for 2021

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BOC Aviation said it posted a net profit of US$561 million for the full year ended 31 December 2021. Robert Martin, managing director and chief executive officer, said: “As the world commenced its recovery from the downturn, BOC Aviation’s 2021 earnings rose in line with better airline customer cashflows and rising activity levels across the aviation industry. In 2021, net profit after tax was US$561 million, up 10 percent year-on-year, and we will recommend to shareholders to approve a final dividend of 28.31 US cents per share, in line with our dividend policy to pay up to 35 percent of net profit after tax.” 

Total revenues and other income rose to US$2.2 billion in 2021, up 6 percent year-on-year, while total assets were US$23.9 billion as at 31 December 2021, from US$23.6 billion as at 31 December 2020. The company continued to generate robust operating cash flows net of interest of US$1.3 billion, which maintained a similar level to 2020.

During 2021, the company delivered aircraft to airline customers at the rate of one per week and ended the year with an owned and managed fleet of 417 aircraft. As the year progressed airline customers moved from reacting to the events of the then-present to positioning themselves and their fleets for the future. Commercial aircraft orders at Boeing and Airbus started to rise as airlines began to look forward to the resumption of passenger demand growth. Financing these, the company’s own orderbook and the manufacturers’ existing backlog of deliveries will provide growth opportunities in 2022 and beyond, the company said. BOC Aviation is well positioned with a strong balance sheet and over US$6 billion in liquidity.

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