BOC Irish staff share €3.74m as profits soar

Seven staff members at a Dublin-based aircraft leasing firm last year shared a pay-pot of $4.23m (€3.74m).

New accounts filed by BOC Aviation (Ireland) Ltd show that the firm nearly doubled its pre-tax profits to $109m in 2014.

This followed revenues at the firm increasing by 45% to $292m.

The accounts show that the firm’s seven employees each enjoyed an average salary of just over $600,000.

The returns also show that the firm’s directors’ salaries and bonuses increased by $500,000 last year to $2.8m.

Seven directors, including two alternates, served on the board last year. That figure included two new appointments and two resignations.

Irish directors on the board include Dublin-based executive vice president for marketing, Peter Goodman, Ennis-based chief technical officer Gerard Kenneally and Dublin-based solicitor Robert Burke.

According to the directors’ report “income increased year-on-year due to the rental income from the additional aircraft purchased during the year which are subsequently leased to airlines”.

The directors state that they expect that the present level of activity will be sustained for the foreseeable future.

At the end of last year, the firm’s accumulated profits stood at $201m with shareholder funds totalling $451m.

The firm’s cash increased from $42.3m to $49.2m.

A breakdown of revenues shows $132.38m was generated in Europe, with $79.86m in Asia Pacific, and $53m in the Americas.

BOC Aviation Ireland is a subsidiary of Asia-based aircraft leasing company BOC Aviation, which is owned by the Bank of China.