BOC Aviation profits up to €120m
Pre-tax profits at Dublin- based aircraft leasing firm BOC Aviation last year increased by 2.5pc to $142m (€120m).
That is according to new figures lodged with the Companies Office which show the firm enjoyed the rise in profits after revenues increased from $326.56m (€277m) to $327.36m (€277.7m). The bulk of the company's revenues was raised from lease rental income which totalled $285.9m (€242.5m) last year.
At the end of December last, the company had shareholder funds of $803m (€681m) and this included accumulated profits of $553.4m (€469.5m). The BOC group is currently in growth phase with 167 aircraft on order, which will bring the total number - owned, managed and on order - up to 488. Along with the aircraft on order, the company has 291 owned aircraft and 30 managed aircraft. The Irish arm of the company employs six who on average each earned over $120,000 (€101,000) in 2017.
The figures show salaries, bonuses and other staff costs totalled $739,000 (€626,000) while an additional $545,000 (€462,000) was paid in social welfare costs. Directors' salaries and bonuses of $1.6m (€1.35m) were paid in 2017, compared with $2m (€1.7m) in 2016.
Irish directors Peter Goodman and Gerard Kenneally stood down last year while Dublin-based solicitor Robert Burke remains on the board.
The directors state they expect the present level of activity will be sustained for the foreseeable future. The also state company affairs to be satisfactory.
The profit last year takes account of non-cash depreciation costs of $98m (€83m). The firm's cash last year reduced by almost half from $115.8m (€98m) to $58.8m (€49.8m). The firm's revenues also included $18.7m (€15.8m) from sale of aircraft.
BOC Aviation Ireland is a subsidiary of leading Asia-based aircraft leasing company BOC Aviation, owned by the Bank of China, which has a fleet of modern aircraft flying with 60 airlines worldwide. The BOC Aviation portfolio is one of the youngest in the business with an average owned aircraft age of less than four years. The fleet is primarily based on the popular Airbus A320 family and Boeing Next Generation 737 series. BOC Aviation is only one of a number of aircraft leasing firms operating out of Ireland. Other big players include Aercap, Pembroke Capital, GECAS and Avolon.