Lessor pays €2.6m to chiefs at Pembroke Capital

High-flying directors at Irish-based aircraft leasing company, Pembroke Capital last year shared a pay-pot of $3m (€2.64m) or, on average, just under $500,000 each.

According to accounts just filed with the Companies Office for Pembroke Capital Ltd and subsidiaries the group last year recorded a 37% jump in pre-tax profits to $90.59m.

The figures show that the firm with its Irish offices in Dublin and Limerick recorded the rise in pre-tax profits after revenues went up by 3% from $321.4m to $332m in the 12 months to the end of December last.

The accounts show that the company’s business provided a bonanza for its 36 staff last year who shared $11.9m or $330,555 each in pay on average.

Pembroke last year paid a dividend of $76.5m to its parent, Standard Chartered and this followed a dividend payout of $56.7m in the previous year.

The firm earned its income from lease rentals of aircraft and the directors state “they consider the affairs of the company to be satisfactory”.

The group has a portfolio of more than 100 owned and managed aircraft leased to 25 airlines.

The directors are listed as chief executive Kieran Corr, along with Peter Moylan, Stan Barnes, William McCallum Roselyne Renel, William McCallum, and Dave Richards, who resigned in January.

They state: “The directors plan to continue to develop the activities and operations of the group in the coming year.”

The figures also show the company paid $14m in corporation tax last year.

Last year, Pembroke increased its Asia/Pacific business by $70m accounting for 66% of the firm’s business as opposed to 44% in 2013.

In contrast, the firm’s European business reduced sharply last year going from $110m to $8.6m.

The company’s expenses include the non-cash depreciation cost of $73m. The firm’s travel expenses totalled $1m, with legal and professional fees jumping to $1.15m.

At the end of December, the group had retained earnings of $248m. Nine of the world’s top 10 aircraft leasing firms are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.

There are 3,000 aircraft valued at €83bn leased out of Ireland with the annual tax contribution to the exchequer at €300m, with annual expenditure by lessors on Irish professional services and infrastructure at around €135m.