3 days ago
- 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.
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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.
