Profits soar at Limerick aircraft lessor

By Gordon Deegan

Pre-tax profits at an aircraft leasing firm, which is set to significantly expand its presence in Limerick, more than tripled to $148.7m (€124m) last year .

Danish company Nordic Aviation Capital (NAC) last month announced its intention to create 300 jobs in Limerick. It is to be the first tenant in the €18m Gardens International office development in the city centre.

NAC is ranked as the world’s largest regional aircraft leasing company.

The company is to take the third, fourth, and fifth floors of the development and in doing so is projected to increase its workforce in Limerick to 350 roles. 

NAC currently employs around 60 people at its Limerick base.

Newly filed accounts for the company show its global revenues more than doubled to $689.65m in the 12 months to the end of last June.

The company has its registered office in Limerick and operates its 356-strong fleet from offices in Limerick, Canada, Denmark, Singapore, and the US.

As of the end of last June, the company had $6.6bn in assets including aircraft assets of $5.3bn. Loans and borrowings totalled $4.3bn.

The company employs 179 people globally, who were paid a combined $35.7m in wages last year.

The company leases aircraft to 69 customers in 46 countries. 

Its fleet represents 23% of the world’s regional aircraft fleet owned by lessors.

The presence of the Danish-owned firm in Limerick complements the operations of aircraft leasing firms in the Shannon Free Zone including GE Capital Aviation Services and Shannon Engine Support.

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