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.
READ MORE
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
3 hours ago
- Irish Times
The Irish Times view on the choices facing the EU: finding its place in a changing world
European Commission president Ursula von der Leyen and European Council president Antonio Costa will be in Beijing on Thursday for an EU-China summit that is overshadowed by disputes over market access, export controls and Russia's war in Ukraine. Just over a week later, the United States is due to impose a 30 per cent tariff on goods imported from the EU, unless a deal is agreed before then. When Donald Trump announced his tariffs on about 60 countries and trading blocs four months ago, they looked set to push China and the EU closer together. But relations between Brussels and Beijing have deteriorated so sharply in recent weeks that China has scaled back this week's summit, which will now last for just one day instead of two as originally planned. The US, which at one stage imposed a 145 per cent tariff on Chinese goods, is now negotiating with China and Trump is expected to meet Xi Jinping later this year. Washington has lifted its ban on the export of some advanced semiconductors to China and Beijing has restored the supply of rare earth magnets to the US. For much of the 21st century, Europe could rely on Russia for energy, the US for security, and China as an export market. But Vladimir Putin's full-scale invasion of Ukraine three years ago severed the EU's economic relationship with Russia, Trump has brought the US security guarantee into question and China has lost much of its appetite for high-end European products. READ MORE Most EU member-states now see Russia, which has the world's largest nuclear arsenal, as a potentially existential security threat if it prevails in Ukraine and they are ramping up defence spending accordingly. However, Trump's support for Ukraine is contingent at best and could be deployed as a bargaining chip if the EU responds aggressively to tariffs by using its Anti-Coercion Instrument to target US services, intellectual property rights and foreign direct investment. The EU's fear of Russia, its grievances against China and its anxiety about the US's intentions are all based in reality and Europe needs to become more self-reliant in defence while protecting its industrial base from Chinese competition. But its response to a rapidly changing geopolitical environment has too often been piecemeal, defensive and lacking in vision. Mario Draghi's report on competitiveness and Enrico Letta's on the single market last year offered bold blueprints for action to combat Europe's economic weaknesses. The EU needs similarly fresh thinking on its place in the world, the security architecture of the continent, the future of the transatlantic relationship, the rise of China and the growing importance of middle powers such as Brazil and Saudi Arabia in an increasingly multipolar world.
Irish Times
4 hours ago
- Irish Times
The Irish Times view on funding water infrastructure: the €12 billion spanner
The squeaky wheel gets the grease, or perhaps in the case of Uisce Éireann the dripping tap gets the €12 billion spanner. For months, the utility has been decrying its lack of funds at every opportunity in a concerted and coordinated fashion to ensure the Government and the public could be in no doubt that unless pipes went into the ground there would be no more homes. In March the utility's chairman Jerry Grant told a Royal Institute of the Architects of Ireland conference that the State's water and sewerage systems were in 'a desperate state' because of 'extraordinary complacency' and 'passive indifference' to investment in infrastructure. The goal of building 50,000 homes on average each year could not be met unless there was a 'new approach from the Government' in developing water services, Grant said, READ MORE The utility has to be commended for taking this forthright approach. After all, the strategy worked. A hefty chunk has been allocated to Uisce Éireann u nder the National Development Pla n – €2 billion in equity funding, another €2.5 billion for new large-scale projects, and €7.6 billion to improve water services. The establishment of Irish Water was predicated on a model where, like other utility providers such as electricity and gas companies, user charges would provide its core funding. When in 2016 household charges were suspended and subsequently scrapped, the utility was left – so to speak – high and dry, largely reliant on the annual State budget which mitigated against long-term planning. Finally, the Government appears to be realising that certainty is funding is needed for these vital infrastructural investments, rather than State organisations having to wait to see what emerges in each budget. Private sector infrastructure investors in national projects need similar reassurance. Ministers now recognise the need to guarantee a flow of funding over a long period of years. Whether they can deliver on this if the budget numbers get tight is, of course, the big question.
Irish Times
5 hours ago
- Irish Times
Solicitor facing professional misconduct allegations over handling of €100,000 in client account
A solicitor is facing three allegations of professional misconduct linked to his handling of a €100,000 deposit placed into his practice's client account. Michael A O'Brien, solicitor and principal of a firm of the same name based in Carrick on Suir, Co Tipperary , denies any wrongdoing. The Legal Services Regulatory Authority 's case against Mr O'Brien, being heard by the Legal Practitioners Disciplinary Tribunal , follows a complaint by Dolores Barrett Burke who sought to invest €100,000 in a scheme to purchase the Heritage Hotel and Spa in 2018. She told the tribunal she was 'shocked' to read in a newspaper that the Co Laois hotel had instead been purchased by FBD Hotels & Resorts, yet Mr O'Brien made no attempt to return her money to her. READ MORE Ms Barrett Burke, who is retired and lives in Castlebar, Co Mayo , said she transferred the money after receiving a letter from Mr O'Brien in June 2018 that she believed provided the required assurances. The investment opportunity had been suggested to her by her brother-in-law Cyril Burke. The proposed purchase was being led by Mary Parton, a woman she never met, she said. However, she said she later learned FBD had purchased the hotel. She believed she would receive her money back 'in the same way I had sent it', but did not immediately worry about why it was not returned. More than a year later, she consulted her solicitor, Thomas J Walsh, who sent the first of a number of letters to Mr O'Brien seeking the return of the funds. After no reply to initial correspondence, the tribunal heard, Mr O'Brien responded to explain that the terms of his undertaking had been adhered to and the money had been dispensed in accordance with the instructions of his client, Ms Parton. Barrister Mark Finan, for Mr O'Brien, put it to Ms Barrett Burke that the letter his client sent to her clearly stated his understanding was that she would be paying the money into the client account 'for and on behalf of Mary Parton'. It was also put to her that, while she had indicated when making a complaint about Mr O'Brien to the Legal Services Regulatory Authority that she had engaged Mr O'Brien, she had never actually done so and was not, in fact, his client. 'I figured because I sent him the money and it was a client account, I was now a client,' she said. The tribunal is scheduled to resume on October 29th. In the interim, it is to be clarified whether the tribunal's chair, Tom Coughlan, is acquainted with Ms Barrett Burke's brother-in-law Cyril Burke. He told the hearing he became aware of a possible connection after seeing the list of witnesses and hearing the evidence but was not sure if it is the same Cyril Burke who he knows but not well.
