Avolon ordered 200 new aircraft including 100 A321neo, 80 737MAX and 20 A330neo in the past year.
The lessor reported a net income of US $110 for the quarter and $339m for the full year, up US$330m compared to 2022.
The company achieved a record operating cash flow of US$1.75bn up 45pc increase compared to the previous year.
Lease revenue increased by 6pc to US$2.5 billion.Avolon raised US $4.9bn bringing liquidity to $7.2bn at the end of the year.
During the year Avolon:
- Underwrote US$4 billion of new volume through the sale and leaseback market;
- Executed 147 lease transactions comprising new aircraft leases, follow-on leases and lease extensions;
- Delivered 43 new aircraft and transitioned 30 aircraft to 22 customers;
- Sold 31 aircraft and ended the year with 25 aircraft agreed for sale;
- Added 10 new customers, giving a total of 146 airline customers operating in 65 countries;
- Ended the year with an owned, managed and committed fleet of 1,035 aircraft, of which 533 are owned, 44 managed and orders and commitments for 458 new technology aircraft
Andy Cronin, Avolon CEO, commented: “Robust demand for aircraft, combined with continued undersupply, provided a tailwind to placing our orderbook and used aircraft at attractive lease rates, which will drive future profitability. Record operating cashflow and a sharp increase in net income are testament to our success in 2023. The orders made for 200 new technology aircraft during the year strengthen our delivery pipeline and provide embedded growth to support our customers into the next decade. Against an attractive market backdrop, Avolon has an industry-leading platform and robust balance sheet to drive future earnings growth.”
Avolon’s growth trajectory has consolidated its position as the second largest lessor in the world after another Irish-based firm, Aercap.
