Dublin-based Avolon, the world's second-biggest aircraft leasing company behind AerCap, has reported net income of $608m for 2024, a jump of 79% on the previous year.
Avolon said it also generated record operating cashflow of $2 billion, up 15% year on year.
It said its adjusted net income of $458m was up 35% on 2023 and excludes $177m of settlement proceeds from insurance claims in respect of its aircraft previously leased to certain Russian airlines.
Avolon last week fully settled a lawsuit in the Irish courts against insurers over jets stranded in Russia following Western sanctions in 2022.
It recorded an impairment of $304m in 2022 to cover the full financial impact of having 10 of its 1,000-plus fleet stuck in Russia.
Avolon said that it has now closed and fully integrated the acquisition of Castlelake Aviation, adding 116 aircraft to Avolon's owned and committed fleet.
During 2024, Avolon bought 45 new aircraft and transitioned 23 aircraft to 25 customers.
It also placed 30 aircraft from its orderbook during the year and eEnded the year with its orderbook 100% placed for next 24 months.
2024 also saw Avolon enter agreements for the sale and leaseback of 37 new aircraft, while it sold a total of 55 aircraft in 2024 and ended the year with 64 aircraft agreed for sale.
At the end of the year, Avolon had an owned, managed and committed fleet of 1,129 aircraft including the acquisition of Castlelake.
Andy Cronin, Avolon's CEO, said that 2024 was a successful year for Avolon as it delivered growth across all its key financial and operational metrics, including net income growth of 79% and a record $2 billion of operating cashflow.
"Our in-demand assets and orderbook of new-technology aircraft position us well to capitalise on an attractive market backdrop, enhancing our earnings profile and supporting our path towards higher credit ratings," he added.
