Latest news with #BOCAviation
Irish Independent
22-07-2025
- Business
- Irish Independent
Irish unit of BOC Aviation records $243m profit after nine-figure insurance payout over detained Russian aircraft
New accounts filed by Dublin-based BOC Aviation (Ireland) Ltd show the pre-tax profits of $243.3m for 2024 are 21pc down on pre-tax profits of $308.19m in 2023. The $158m paid out in insurance payouts last year followed $258m paid out in 2023 under the same heading. Total revenues and other income decreased by 7pc to $660.4m in 2024 from $710.6m in 2023. The 2024 revenues included lease revenues of $374.25m. The directors said 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 company is continuing to pursue insurance claims in respect of aircraft currently or formerly detained in Russia,' the directors added. The firm saw a return to growth across the industry with traffic recovering in 2024 to near-2019 levels. The Irish unit is a wholly owned subsidiary of BOC Aviation Limited, which is a public company incorporated in Singapore and listed on the Hong Kong stock exchange. The insurance settlement concerning the 15 aircraft coincided with the company's professional fee costs increasing by 59pc, from $7.98m to $12.69m. At the end of last December, the company had a total of 111 owned and 31 managed aircraft. ADVERTISEMENT The company recorded a post-tax profit of $206.7m after incurring a corporation tax charge of $36.6m. The pre-tax profit takes account of non-cash depreciation costs of $166.24m and finance costs of $181.3m. The firm last year recorded profits of $22.4m from $211.92m realised from the sale of aircraft. The firm employs 11 people in Ireland and staff costs last year increased by 69pc from $3.16m to $5.33m. Directors' pay last year totalled $963,000, which included emoluments of $731,000. The firm's cash funds last year increased from $119.65m to $151.16m. The business paid out no dividend last year. The directors said total assets were stable year-on-year, at $5.39bn at December 31, 2024, compared with $5.38bn a year earlier.
Irish Times
21-07-2025
- Business
- Irish Times
Profits up at BOC Aviation Irish arm
The Irish arm of aircraft lessor BOC Aviation posted pre-tax profits of $243.3 million (€208.62 million) last year, mainly due to a $158 million insurance payment received concerning 15 aircraft detained in Russia. 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.
Bloomberg
18-07-2025
- Business
- Bloomberg
Garuda New 737 Plane's Higher Rent May Strain Finances Further
Garuda is paying twice as much to lease its latest Boeing Co. 737 Max jet than it does for the older 737 planes in its fleet, another potential blow to its finances as it tries to return to profitability. The struggling Indonesian airline is paying around $400,000 per month for the 737 Max 8 it has leased from BOC Aviation Ltd., according to people familiar with the matter. The state-owned carrier pays on average $200,000 a month for its existing older Boeing 737-800 fleet, the people said, asking not to be identified discussing details that are private.
Reuters
05-06-2025
- Business
- Reuters
Russia's Aeroflot to settle deals for last 36 planes leased from West
MOSCOW, June 5 (Reuters) - Russian flag carrier Aeroflot ( opens new tab expects to sign settlement deals with Western insurers and leasing firms on the last 36 planes from a total of 228 aircraft it agreed to buy, Aeroflot head Sergei Aleksandrovski told Russian newspaper Kommersant. Aircraft leasing firms, such as AerCap (AER.N), opens new tab and BOC Aviation ( opens new tab have struck settlements with Russia totalling at least $2.7 billion for over a quarter of the roughly 400 aircraft stuck in the country since Moscow's invasion of Ukraine in 2022. "Only 36 aircraft remain, which are currently in the active phase of insurance settlement. Essentially, these are the last planes (needed to be settled) owned by fully fledged foreign lessors," he said in an interview published late on Thursday. Aeroflot expects that the agreements on the 36 planes could be finalised between May and July this year, Aleksandrovski added. As part of previous deals, international lessors have handed ownership of the planes to a Russian state insurance company, NSK, which used state budgetary funds to buy them and transfer them to Russian airlines. Aleksandrovski said government money would not be used for these 36 planes, but did not disclose the value of the deal. The settlement will be paid from Aeroflot's own and borrowed funds.
Yahoo
08-04-2025
- Business
- Yahoo
Boeing's Big Comeback? Record Orders Signal a Massive Turnaround
Boeing (NYSE:BA) just logged its strong month in 2025and the market is paying attention. The company delivered 41 jets in March, a solid lift from 29 a year ago and bringing its Q1 total to 130, up from 83 last year. While slightly behind January and February, this recovery in deliveries is being overshadowedin a good wayby a blockbuster month of new orders: 163 net orders, including 88 for the 737 MAX. That haul includes major wins from BOC Aviation, Japan Airlines, and Korean Air. Boeing also booked 11 777 freighters and 53 Dreamliners, pushing its order backlog to a hefty 5,648 aircraft. In a business where cash flow is tied to completed deliveries, this kind of order momentum is a bullish signal. Warning! GuruFocus has detected 4 Warning Signs with BA. But this isn't full throttle just yet. Ongoing production issues still loom. Airbus (EDASY), which delivered 136 jets in Q1, is also running into engine shortages due to delays at GE and Safran's CFM joint venture. Meanwhile, one of Boeing's key suppliersHowmet Aerospace (NYSE:HWM)is already warning that a new wave of tariffs, if enacted, could disrupt shipments. Add in Boeing's regulatory hurdles and lingering labor tensions, and the runway ahead isn't exactly smooth. Supply chain friction remains the biggest constraint across the entire aerospace sector. Still, the March numbers offer something Boeing hasn't had in a while: clear demand visibility. Leasing firms are back in bulk, freight carriers are doubling down, and airlines across Asia are placing multi-year bets. Investors should keep their eyes on executionbecause the orders are coming in fast, but revenue only hits when planes get out the door. Boeing has a shot to turn this backlog into a real comeback story, but as always, it's what gets delivered that counts. This article first appeared on GuruFocus. Sign in to access your portfolio
