Business World

Sunday 21 January 2018

Air rental directors share pot of $14.9m

Gordon Deegan

The 14 directors of a Shannon-based aircraft leasing firm last year each received on average more than $1.06m (€798,148) in remuneration.

New figures show that the US-owned GE Capital Aviation Services (GECAS) last year awarded in remuneration to its 14 directors – eight of whom are Irish.

The remuneration includes $6.79m in salaries; $5.8m in bonus payments; $1.1m in pension payments; $830,000 in share based payments; and $277,000 in benefits in kind.

The 24pc increase in aggregate remuneration to the directors going from $11.9m in 2011 to $14.9m followed a surge in profits at the firm last year.

The accounts just filed with the Companies Office show that profits increased more than 18-fold from $6.6m to €124.2m last year. The jump in profits was driven mainly by dividends received of $122.5m from two Shannon-based subsidiaries last year.

The figures show that revenues at the firm last year increased by 11pc to $213.8m.

A subsidiary of US giant General Electric, GECAS, is one of a cluster of companies in the Shannon Free Zone engaged in aircraft leasing that also includes Shannon Engine Support.

Numbers employed by the firm – including executive directors – last year increased from 217 to 232 with employment costs last year decreasing by 14pc from $57m to $48.9m.

Nine of the world's top 10 aircraft leasing firms are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.

Irish Independent

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