Aircraft leasing company BOC Aviation profits increase by 10.4%

Nine members of staff at a Dublin-based aircraft leasing firm last year shared a pay-pot of $4.4m (€3.9m).

Newly-filed accounts for BOC Aviation (Ireland) show the firm’s pre-tax profits rose 10.4%, last year, to $120.88m.

The firm’s revenues grew by 5% to $308.5m. The company’s nine employees each enjoyed an average salary of $488,888.

The returns also show the firm’s directors’ salaries and bonuses remained static at $2.8m. In the accounts, management said they expect that the present level of activity will be sustained for the foreseeable future.

At the end of last year, BOC Ireland’s accumulated profits stood at $306m with shareholder funds totalling $556m. The firm’s cash last year increased from $49.2m to $73.4m.

The firm’s revenues include $286.69m in lease income and $14.38m on the net gain from the sale of aircraft.

BOC Aviation Ireland is a subsidiary of leading Asia-based global aircraft leasing company, BOC Aviation, which is owned by the Bank of China. Globally, the company has a fleet of modern aircraft flying with 60 airlines worldwide.

The BOC Aviation portfolio is one of the youngest in the leasing business with an average owned aircraft age of less than four years.

The fleet is primarily based on the popular Airbus A320 family and the Boeing Next Generation 737 series. It also includes select wide-body types, such as the Airbus A330 and Boeing 777.

Last year’s profit takes account of non-cash depreciation costs of $92.98m. BOC Ireland’s directors include businessmen Peter Goodman, Gerard Kenneally and Dublin-based solicitor, Robert Burke.