Profits up at BOC Aviation Irish arm
New accounts filed by the Dublin based BOCAviation (Ireland) Ltd show that the pre-tax profits of $243.3 million for 2024 are 21 per cent down on the pre-tax profits of $308.19 million in 2023.
The insurance payouts last year followed $258 million paid out in 2023 under the same heading.
Total revenues and other income decreased by 7 per cent to $660.4 million in 2024 from $710.6 million in 2023.
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The 2024 revenues included lease revenues of $374.25 million.
The directors state that the decline is mainly due to lower insurance settlements in respect of aircraft owned by the company and formerly leased to Russian airlines which were detained in Russia.
The directors state that 'the company is continuing to pursue insurance claims in respect of aircraft currently or formerly detained in Russia'.
The directors said that in general, 2024 saw a return to growth across the industry with traffic recovery to near 2019 levels.
The Irish unit is a wholly-owned subsidiary of BOC Aviation Limited which is a public company incorporated in the Republic of Singapore and listed on the main board of the Hong Kong Stock Exchange.
The insurance settlement concerning the 15 aircraft coincided with the company's professional fee costs increasing by 59 per cent to $12.69 million.
At the end of December last, the company had a total of owned and managed aircraft of 142 aircraft, including 111 owned aircraft and 31 managed aircraft.
The company recorded a post tax profit of $206.7 million after incurring a corporation tax charge of $36.6 million.
The pre-tax profit takes account of non-cash depreciation costs of $166.24 million and finance costs of $181.3 million.
The firm last year recorded profits of $22.4 million from $211.92 million realised from the sale of aircraft.
The firm employs 11 here and staff costs last year increased by 69 per cent from $3.16 million to $5.33 million that included $4.34 million in salaries, bonuses and other staff costs.
Directors' pay last year totalled $963,000 that included emoluments of $731,000.
The firm's cash funds last year increased from $119.65 million to $151.16 million.
The business paid out no dividend last year.
The directors state that total assets were stable year-on-year, at $5.39 billion at December 31st 2024 compared to $5.38 billion one year prior.
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