Singapore-based leasing company Avation has reported a profit after tax of $870,00 for the first of its fiscal year, ending December 31, 2024. This is up considerably from the same period of the year prior, when the lessor reported a loss of $8.8 million.
Avation reported total income of $55.4 million, up from $46.3 million during 2023. Operating profit totalled $18.8 million, this was also up from the year prior, increasing from $17.5 million. EBITDA for the six-month period totalled $55.6 million, increasing from $38.3 million in 2023.
At the end of 2024, the lessor had a portfolio of 32 aircraft, with an average aircraft age of 7.9 years.
The company also announced that it will acquire one A320, which is on lease to Etihad. The secondary market transaction will add extra capacity to Avation’s narrowbody portfolio, with this acquisition expected to close in March.
This acquisition comes after the lessor’s executive chairman, Jeff Chatfield, said that the average remaining lease term from the company’s fleet has increased to 4.2 years as of December 31, 2024, the first increase in this metric since the end of COVID-19 pandemic.