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Dublin-based Avolon delivers record profit of $718m

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Avolon chief executive Domhnal Slattery. 
Photo: Bloomberg

Avolon chief executive Domhnal Slattery. Photo: Bloomberg

Avolon chief executive Domhnal Slattery. Photo: Bloomberg

Dublin-based aircraft lessor Avolon reported record net profit of $718m (€658m) last year.

This was a slight increase on its 2018 profit of $717m (€657m).

Lease revenue increased by 2pc year-on-year to over $2.6bn (€2.4bn), according to its annual results.

During the year the company’s total assets increased 5pc to $28.3bn (€26bn).

In 2019 Avolon delivered, transitioned or sold a total of 170 aircraft. Its owned, managed and committed fleet at year end was 925 aircraft.

Dómhnal Slattery, Avolon CEO, said it was “another year of strong financial performance for our business, where we achieved a major corporate milestone with our upgrade to investment grade.

We built on this achievement by delivering net profit of $718m, the highest net income in any year in Avolon’s history.”

Looking ahead, he warned the continued spread of the coronavirus “creates an uncertain backdrop for our airline customers”.

“However, in previous periods of dislocation air traffic has proven to be resilient,” he said.

At year end, Avolon had $16.6bn (€15bn) future contracted rental cashflows.

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