BOC Aviation, a Singapore-based aircraft leasing company, announced its audited financial results for the full year ended 31st of December 2016. Total revenues and other income rose 9% year-over-year, to US$1,193 million, and net profit after tax was US$418 million, an increase of 22% YoY.

Robert Martin, Managing Director and Chief Executive Officer of BOC Aviation, said: “2016 was an outstanding year for BOC Aviation that included another year of record profitability, following a successful initial public offering, which was the largest aircraft operating lessor IPO in history. Our net profit after tax of US$418 million represented a 22% increase over 2015, itself a record year, and we generated a return on equity of 14.4% after raising US$550 million in new equity in conjunction with our IPO.”

The lessor also reported that as at 31st of December 2016, it had a portfolio comprising 284 owned and managed aircraft, with an average aircraft age of 3.2 years and an average remaining lease term of 7.3 years for the owned aircraft fleet.

BOC Aviation, an aircraft leasing company based in Singapore, announced that it has ordered 13 new Boeing 737 MAX 8 aircraft.

In 2016, it has reached a portfolio utilization of 99.9% and cash collection from airlines of 99.8%. It leased aircraft to 68 airlines in 32 countries and regions.

BOC Aviation has taken the delivery of 67 aircraft, including 11 acquired by airlines on delivery, during 2016, with 27 aircraft delivered in the 4th quarter of 2016 alone. At the same time, it signed 79 leases and sold 37 owned and one managed aircraft in 2016.

The company said that it has an order book of 199 aircraft and plans to increase the number of new aircraft for delivery in 2017 to 71 aircraft.

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