BOC Aviation Limited has released its financial results for the full fiscal year ending on December 31, 2023. The Singapore-based global aircraft operating leasing company reported a total revenue of $2.46 billion, which is a 7% increase from the previous fiscal year's $2.30 billion. The company also achieved the remarkable feat of earning a record annual profit of $764 million or $1.10 per share.
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BOC Aviation has been expanding its fleet of aircraft, and in 2023, it committed to acquiring 95 aircraft, a move that helped the company end the year with an order book of 224 aircraft and a total committed capital of $12.0 billion, both of which are record highs. At the end of 2023, the company's assets totaled $24.2 billion, which is a 10% YoY increase. The company boasted a liquidity of $5.6 billion, which includes $392 million in cash and cash equivalents and $5.2 billion in undrawn committed credit facilities.
BOC Aviation's fleet at the end of 2023 comprised 684 aircraft, including owned, managed, or ordered aircraft, with an average age of 4.6 years and an average remaining lease term of 8.1 years for the 426 owned aircraft. In 2023, the company executed 348 transactions, including purchase commitments for 95 aircraft, delivered 65 aircraft, sold 20 aircraft and one engine, and entered into 142 lease commitments.
Steven Townend, BOC Aviation’s Managing Director, expressed his delight in the financial announcement and noted, "We achieved record fleet growth in 2023, which also drove our revenues, cash flows, and asset values to record highs. We are delighted to report record earnings as we celebrate our 30th anniversary." BOC Aviation Limited operates from its headquarters in Singapore and has offices in Dublin, London, New York, and Tianjin. The company is a member of The Bank of China Group and is a leading global aircraft operating leasing company. As of December 31, 2023, the company's owned and managed fleet was leased to 91 airlines in 45 countries and territories.