Press Release
BOC AVIATION REPORTS RECORD PROFIT FOR FULL YEAR 2024
13 Mar 2025
BOC Aviation Limited (HKEX Code: 2588, “BOC Aviation”) is pleased to announce its audited results for the year ended 31 December 2024.
BOC Aviation reported a record net profit after tax (“NPAT”) of US$924 million for 2024, up 21% on the US$764 million reported in 2023. A 16% rise in core earnings combined with aircraft-related recoveries accounted for the improvement.
Our balance sheet increased to over US$25 billion, with total equity of US$6.4 billion. We generated a record US$1.9 billion in operating free cashflow net of interest expense, which reduced our reliance on external capital sources. During 2024 we committed to acquire a further 47 aircraft and ended the year with total committed capital expenditure of US$12 billion and an orderbook of 232 aircraft.
The Board of Directors has recommended a distribution of US$0.2670 per share by way of final dividend. This – in combination with our interim dividend - represents 35% of our 2024 NPAT, or US$0.46581 per share, and will be our highest ever distribution.
“Our record 2024 earnings demonstrated both the power of our core business and the expertise of our team as we recovered value from previous write-downs,” said Steven Townend, Chief Executive Officer and Managing Director, BOC Aviation. “With global aircraft deliveries expected to rise by around 30% in 2025, our available liquidity of US$6.5 billion and existing strong pipeline of aircraft orders position us well to expand our business in the year ahead.”
Financial Highlights
Our financial highlights for the year ended 31 December 2024 are:
• Total revenues and other income rose 4% year-on-year, to US$2.6 billion
• Record net profit after tax of US$924 million compared with US$764 million in 2023
• Earnings per share of US$1.33 and net assets per share of US$9.17
• Operating free cash flow net of interest rose 13% to US$1.9 billion
• Total assets of US$25.1 billion as at 31 December 2024
• Raised US$5.5 billion of new debt financing
• Maintained strong liquidity of US$6.5 billion
• The Board recommended a final dividend for 2024 of US$0.2670 per share, pending approval at the AGM to be held on 29 May 2025. The final dividend will be payable to shareholders registered at the close of business on the record date, being 6 June 2025, bringing the total dividend for the financial year 2024 to US$0.46581 per share, calculated at 35% of net profit after tax
Portfolio and Operational Highlights
As at 31 December 2024, BOC Aviation had:
• A portfolio of 709 aircraft and engines owned, managed and on order2, with an average aircraft age of five years3 and an average remaining lease term of 7.9 years3 for the 435 owned aircraft fleet, weighted by net book value
• A customer base of 92 airlines in 48 countries and regions in the owned and managed portfolios
• Executed 260 transactions in 2024, including:
• Commitments to purchase 47 aircraft
• Delivery of 38 aircraft
• Sale of 29 owned aircraft
• 118 lease commitments
- An orderbook of 232 aircraft2, with all aircraft scheduled for delivery before the end of 2026 placed with airline customers
- Recorded aircraft utilisation of above 99% for the owned portfolio for the year ended 31 December 2024
Portfolio as at 31 December 2024, by number
The full-year 2024 financial results presentation slides and audited consolidated financial statements are available on the Company website at https://www.bocaviation.com/en/Investors/Financial-Results, along with a recording of the earnings conference call that will be made available by 14 March 2025.
Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
1. Includes interim dividend of US$0.1988 per share paid to Shareholders registered at the close of business
on 27 September 2024.
2. Comprises all purchase commitments including 10 where an airline customer has exercised the right to acquire the aircraft on delivery.
3. Weighted by net book value and includes finance lease receivables.
About BOC Aviation
BOC Aviation is a leading global aircraft operating leasing company with a portfolio of 709 aircraft and engines owned, managed and on order. Its owned and managed fleet was leased to 92 airlines in 48 countries and regions worldwide as at 31 December 2024. BOC Aviation is listed on the Hong Kong Stock Exchange (HKEx code: 2588) and has its headquarters in Singapore with offices in Dublin, London, New York and Tianjin. For more information, visit www.bocaviation.com.
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For more information, please contact:
Timothy ROSS
Tel: +65 6325 9878
Mobile: +65 9837 9873
[email protected]
www.bocaviation.com