Nordic Aviation Capital (NAC) reported $2.8bn of net income for 2022 and $3.7bn in assets, including 315 aircraft, at the end of the year.
The year was broken up by a restructuring that left the Limerick-registered company with $46 million net income for the second six months. Net debt came to $1.7bn with book equity at $666 million at the end of 2022.
The lessor reported "total available liquidity" of over $1bn at the end of what president and chief executive Norman CT Liu said was "a transformative year" after a loss of $1.4bn was recorded the year before.
Loans and borrowings were $2.3bn at the end of 2022, compared with $6.2bn 12 months earlier.
The restructuring of its financial liabilities during the year led to a $3.1bn gain which, NAC said, was "offset by $227 million of impairments of which a significant portion was attributed to the relinquishment of control of assets that remain in Russia and Ukraine".
The restructure, NAC said, "resulted in a credit to equity of $3,512.5 million, and the effect on total comprehensive income was $3,095.6 million".
The value of NAC's assets fell by around $1.3bn from the end of 2021 but the reported equity was improved on the previous year's negative $2.5bn.
"Since our restructuring in June 2022, we have delivered solid operational and financial performance, and a turnaround is well underway," said chairman Klaus Heinemann.
The company said the restructure meant it "transferred the ownership of 127 aircraft to certain lenders and other parties" and sold 31 aircraft.
In mid-year it announced a $400 million warehouse facility "to finance growth", before in October 2022 announcing a "$150 million super senior facility, replacing the super senior facility established upon the successful emergence from the financial restructuring process".