BOC has reported total revenues and other income of US$2.2 billion in 2021, up 6% 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. BOC Aviation notes that it has continued to generate robust operating cash flows net of interest of US$1.3 billion, which maintained a similar level to 2020.
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% 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% of net profit after tax.
During 2021, we delivered aircraft to our 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 our 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, our own orderbook and the manufacturers’ existing backlog of deliveries will provide growth opportunities in 2022 and beyond for our Company. BOC Aviation is well positioned with a strong balance sheet and over US$6 billion in liquidity.
“Our thanks go out once more to our colleagues, our directors and our stakeholders, who contributed to resilient results in another challenging year. We appreciate your focus and tenacity as the market now rebounds from the worst downturn in aviation history.”
BOC Aviation’s profit before tax was US$639 million and net profit after tax was US$561 million, rising 13% and 10% respectively from 2020. The lessor generated earnings per share of US$0.81 and net assets per share of US$7.59.
BOC Aviation has raised US$3.5 billion in new financing over 2021, and has maintained strong liquidity with US$485 million in cash and cash equivalents, and US$5.6 billion in undrawn committed credit facilities at 31 December 2021.
The BOC Aviation Board has recommended a final dividend for 2021 of US$0.1733 per share.
As at 31 December 2021, BOC Aviation’s total fleet comprised 521 aircraft owned, managed and on order, with an average aircraft age of 3.9 years and an average remaining lease term of 8.3 years for the 380 owned aircraft fleet, weighted by net book value. BOC Aviation’s recorded aircraft utilisation of 98.5% for the owned portfolio for the year ended 31 December 2021.
BOC Aviation has taken delivery of 52 aircraft (including seven acquired by airline customers on delivery) in 2021. The lessor executed 160 transactions in 2021, including 74 lease commitments, and sold 26 aircraft, including 23 from its owned fleet. The company has an orderbook of 104 aircraft.