BOC Aviation has reported total revenues and other income rose 8.2% to US$579 million, with core lease rental contributions rising by 8% to US$220 million during the first half of 2016. Net profit after tax was US$212 million, an increase of 23.8% over 1H 2015. Earnings per share of US$0.31, based on shares outstanding at 30 June 2016.
BOC Aviation’s total assets increased 9.0% to US$13.6 billion at 30 June 2016 from 31 December 2015. The Singapore-based lessor maintained strong liquidity with US$1.7 billion in total cash and fixed deposits, and more than US$2.7 billion in undrawn committed revolving credit facilities as at 30 June 2016.
“We completed a very successful first half of 2016, recording net profit after tax of US$212 million, a 24% increase compared with the six months ended 30 June 2015,” said Robert Martin, Managing Director and Chief Executive Officer. “We also positioned our business for future growth through our successful listing on the Stock Exchange of Hong Kong where we raised net proceeds of US$550 million in primary equity capital, creating the largest aircraft operating leasing company initial public offering in history.”
BOC Aviation’s portfolio stands at 265 owned and managed aircraft, with an average aircraft age of 3.3 years and an average remaining lease term of 7.2 years for owned aircraft fleet, weighted by net book value. The lessor has an order book of 218 aircraft averaging 40 aircraft a year over the period from 2016 to 2021. During the reporting period, BOC Aviation took delivery of 27 aircraft (including six acquired by airline customers on delivery) in the first half of 2016: signed 41 leases in the first half of 2016; boasts a customer base of 64 airlines in 31 countries in the owned and managed fleet. The lessor sold 22 aircraft, including the last remaining pre-2007 vintage aircraft, during H1 2016. Its managed fleet comprised 39 aircraft. 100% of order book deliveries scheduled in 2016 are placed with lessees, with more than 60% of scheduled 2017 deliveries also placed on lease. BOC Aviation’s aircraft utilisation maintained at 100% for the half year ended 30 June 2016.