Avolon records 79% increase in net income for 2024

Avolon posted a net income of $608 million for full year 2024, up 79% in comparison to the year prior. Adjusted net income totalled $458 million, up 35%. The adjustment excludes the $177 million ($150 million net of tax) in settlement proceeds related to aircraft previously leased to certain Russian airlines.

Avolon generated a record operating cashflow of $2bn, up 15% on the year prior, while contracting $14bn of funding across both public and private markets, of which 79% was unsecured. Total available liquidity totalled $11.6bn, including $3.1bn of unrestricted cash and $7.2bn in undrawn debt facilities.

Lease revenues rose by 4% during 2024, in comparison to the year prior, totalling $2.58bn.

Andy Cronin, Avolon CEO, commented: “2024 was a successful year for Avolon. We delivered growth across all our key financial and operational metrics. 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.”

After the end of the company’s financial year, Avolon successfully completed the acquisition of Castlelake Aviation. This acquisition added 116 aircraft to Avolon’s owned and committed fleet.

Avolon acquired 45 new aircraft and transitioned 23 aircraft to 25 customers during the year. The lessor also placed 30 aircraft from its orderbook and ended the year with its orderbook 100% placed for next 24 months, while entering into agreements for the sale and leaseback of 37 new aircraft and the sale of 55 aircraft.

Avolon ended 2024 with an owned, managed and committed fleet of 1,129 planes