Avolon Report Full Year Net Income Up 79% with Record Operating Cashflow

Dublin-based leasing company, Avolon, has announced record results for the full year, 2024. The firm reported net income of US$608 million for 2024, up 79% year on year. Adjusted Net Income was US$458 million, up 35% year on year. This excludes US$177 million of settlement proceeds (US$150 million net of tax) from insurance claims in respect of some of their aircraft previously leased to certain Russian airlines. Total available liquidity was US$11.6 billion, including US$3.1 billion of unrestricted cash and US$7.2 billion in undrawn debt facilities. Avolon generated a record Operating cash flow of US$2.0 billion, up 15% year on year.

116 aircraft were added to Avolon’s owned and committed fleet following the acquisition and integration of Castlelake Aviation Limited. Separately Avolon also acquired 45 new aircraft and transitioned 23 aircraft to 25 customers. 30 aircraft have been placed from their order book during the year and they ended 2024 with their order book 100% placed for the next 24 months.

Avolon entered into agreements for the sale and leaseback of 37 new aircraft while they sold 55 aircraft in 2024 and ended the year with 64 aircraft agreed for sale. At year-end, Avolon had an owned, managed and committed fleet of 1,129 aircraft including the acquisition of Castlelake Aviation Ltd.

Andy Cronin, Avolon CEO, commented: “2024 was a successful year for Avolon. We delivered growth across all our key financial and operational metrics, including net income growth of 79% and a record US$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.”

2024 | Financial Highlights