Dublin-headquartered leasing specialist Avolon reported a 79% increase in income for the last financial year, with a total income of $608 million.
The company, which specialises in fuel-efficient modern airliner leasing, also recorded a record operating cash flow of $2 billion, up 15% from the previous year.
Avolon has seen a rapid increase in its business with modern airliners such as A320 and A330neo along with Boeing 737 Max airliners coming into its fleet and being delivered to airlines worldwide.
It also completed its acquisition of Castlelake Aviation Limited which added 116 aircraft to its fleet.
With 45 new aircraft entering their fleet in the last financial year, Avolon ended the year with a fleet of 1,129 airliners which are owned, managed or committed to. In addition, all aircraft that Avolon has on order in the next 24 months are already placed with airlines.
Andy Cronin, Avolon CEO, commented: “2024 was a successful year for Avolon. We delivered growth across all our key financial and operational metrics, including net income growth of 79% and a record US$2 billion of operating cashflow. Our in-demand assets and orderbook of new-technology aircraft position us well to capitalise on an attractive market backdrop, enhancing our earnings profile and supporting our path towards higher credit ratings.”
During the financial year, Avolon also sod 55 aircraft with a sales agreed on a further 64 aircraft.
