Singapore-based BOC Aviation is aiming to increase its total fleet size from 680 aircraft to 1,000 by the end of the decade.
"This is achievable by growing our fleet at the rate of 6.6% annually between now and the end of 2030," confirmed BOC Aviation head of investor relations Timothy Ross, speaking to Airline Economics.
The company's CEO Steven Townsend said in an interview with Singaporean outlet The Business Times that it wanted to maintain its portfolio scale in order to "be able to buy the right aircraft at the right time from Airbus and Boeing". He added that the company wanted a sizeable and diverse portfolio to maintain its investment grade credit ratings, as well as to close "bigger deals with bigger airlines".
Ross added: "Based on manufacturer forecasts, the dollar value of new aircraft delivering each year (our target market) is expected to grow by over 50% by end-2028, from ~$90bn this year to ~$150bn, so we do not view this as a tough target against the backdrop of the current market outlook."
The company posted record second half profits in the first half of this year with a net profit of $460 million, beating its record half profit of $323 million in 2020. Its net profit in the first half of last year was $262 million. Continued growth in its core business had driven the result, the company said.
The company also completed its third bond issuance of the year, it said on September 4, 2024. The $500 million seven-year bond, with a coupon of 4.625%, was issued through BOC Aviation USA.