Aviation leasing specialist Avolon has reported Quarter 1 results that show a year on year increase in net income of 91%.
The Dublin based company specialises in leasing airliners to carriers around the globe with a fleet of 577 aircraft in service.
During Q1 Avolon delivered 9 new aircraft and transitioned 3 more to 7 customers and carried out 39 lease transactions bringing a revenue of $663 million into the business ($621m from leasing).
During the period Avolon also sold 9 aircraft and entered letters of intent for the sale of a further 17 aircraft;
Its net income for the period totalled $107m up 91% year in year.
Its cash revenue also grew with a 9% increase to $337m.
Andy Cronin, Avolon CEO, commented: “The first quarter of 2024 demonstrates the upward financial trajectory of our business, headlined by our increasing profitability.
“Our large orderbook provides us with a clear competitive advantage in an undersupplied market. Coupled with our prudent balance sheet and liquidity position, we are in a strong position to drive further profitability and generate long-term shareholder value.”
Going forward its order book for the next 24 months is also 98% placed showing the strong demand for airliner leasing, particularly with airlines seeking to cut fuel costs and emissions with next generation airlines such as the A320neo family.
Avolon currently has commitments for 456 “new technology” airliners.
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