BOC Aviation reported a record net profit after tax (“NPAT”) of US$924 million for 2024, up 21% on the US$764 million reported in 2023. A 16% rise in core earnings combined with aircraft-related recoveries accounted for the improvement.
The company’s balance sheet increased to over US$25 billion, with total equity of US$6.4 billion. The company said it generated a record US$1.9 billion in operating free cashflow net of interest expense, which reduced its reliance on external capital sources. During 2024 the company committed to acquire a further 47 aircraft and ended the year with total committed capital expenditure of US$12 billion and an orderbook of 232 aircraft.
Portfolio as at 31 December 2024, by number Asset Type | Owned | Managed | On Order2 | Total |
Airbus A220 family | 23 | 0 | 0 | 23 |
Airbus A320CEO family | 68 | 13 | 0 | 81 |
Airbus A320NEO family | 140 | 0 | 129 | 269 |
Airbus A330CEO family | 8 | 1 | 0 | 9 |
Airbus A330NEO family | 6 | 0 | 0 | 6 |
Airbus A350 family | 9 | 0 | 0 | 9 |
Boeing 737NG family | 57 | 13 | 0 | 70 |
Boeing 737-8/9 | 69 | 0 | 96 | 165 |
Boeing 777-300ER | 22 | 3 | 0 | 25 |
Boeing 787 family | 28 | 1 | 7 | 36 |
Freighters | 5 | 1 | 0 | 6 |
Engines | 10 | 0 | 0 | 10 |
Total | 445 | 32 | 232 | 709 |
The Board of Directors has recommended a distribution of US$0.2670 per share by way of final dividend. This – in combination with the interim dividend – represents 35% of the company’s 2024 NPAT, or US$0.46581 per share, and will be its highest ever distribution.
“Our record 2024 earnings demonstrated both the power of our core business and the expertise of our team as we recovered value from previous write-downs,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “With global aircraft deliveries expected to rise by around 30% in 2025, our available liquidity of US$6.5 billion and existing strong pipeline of aircraft orders position us well to expand our business in the year ahead.”
Financial highlights for the year ended 31 December 2024 are:
- Total revenues and other income rose 4% year-on-year, to US$2.6 billion.
- Record net profit after tax of US$924 million compared with US$764 million in 2023.
- Earnings per share of US$1.33 and net assets per share of US$9.17.
- Operating cash flow net of interest rose 13% to US$1.9 billion.
- Total assets of US$25.1 billion as at 31 December 2024.
- Raised US$5.5 billion of new debt financing.
- Maintained strong liquidity of US$6.5 billion.
- The Board recommended a final dividend for 2024 of US$0.2670 per share, pending.
- 29 May 2025. The final dividend will be payable to shareholders registered at the close of business on the record date, being 6 June 2025, bringing the total dividend for the financial year 2024 to US$0.46581 per share, calculated at 35% of net profit after tax.
As at 31 December 2024, BOC Aviation had:
- A portfolio of 709 aircraft and engines owned, managed and on order2, with an average aircraft age of five years3 and an average remaining lease term of 7.9 years3 for the 435 owned aircraft fleet, weighted by net book value.
- A customer base of 92 airlines in 48 countries and regions in the owned and managed portfolios.
- Executed 260 transactions in 2024, including: Commitments to purchase 47 aircraft
- Delivery of 38 aircraft.
- Sale of 29 owned aircraft.
- 118 lease commitments.
- An orderbook of 232 aircraft2, with all aircraft scheduled for delivery before the end of 2026 placed with airline customers.
- Recorded aircraft utilisation of above 99% for the owned portfolio for the year ended 31 December 2024.
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