Aircraft leasing giant Nordic sees profits soar to €124m
Profits more than tripled last year at Nordic Aviation Capital (NAC), which is poised to significantly expand its presence in Limerick city.
Last month, it was reported that it is to be the first tenant in the €18m Gardens International office development in Limerick city.
The world's largest regional aircraft leasing company is to take the third, fourth and fifth floor of the development and is projected to increase its workforce in Limerick to around 350. The firm currently employs around 60.
Accounts lodged with the Companies Office show that the company enjoyed the soaring profits, which hit $148.7m (€124m), after revenues more than doubled by 106pc from $334m to $689.65m in the 12 months to the end of June last.
The company describes itself as the premier lessor of regional aircraft in the world and operates its 356-strong fleet from offices in Limerick, Canada, Denmark, Singapore and the US.
At the end of June last, the company had $6.6bn in assets including aircraft assets of $5.3bn. Loans and borrowings at the end of June last totalled $4.3bn.
Numbers employed globally by the firm last year stood at 179 and they shared $35.7m in salary.
Total pay to directors last year totalled $5.9m. The company leases aircraft to 69 customers in 46 countries and last year increased its fleet from 312 to 356 aircraft, which represents 23pc of the global regional aircraft fleet owned by lessors.
The presence of the Danish-owned firm in Limerick complements the operation of aircraft leasing firms in the Shannon Free Zone including GE Capital Aviation Services and Shannon Engine Support.
According to the firm's annual report, NAC last year increased its earnings before interest tax depreciation and amortisation (ebitda) by 119pc from $268.6m to $587.4m as a result of increased operating lease revenues and the continued expansion of the company's business platform.
The report states that during the year, the company increased its business with existing customers and added several new customers - increasing its customer base from 53 to 69.
During the year, NAC purchased 81 aircraft and sold 23.