News — 2024

SMBC Aviation Capital achieves record profitability in the financial year ended 31 March 2024

06/06/2024

Dublin, 6 June 2024: SMBC Aviation Capital, one of the world’s leading aircraft leasing companies, today announces its results[1] for the financial year ended 31 March 2024.

 

[1] The financial and non-financial metrics disclosed for the period relate to SMBC Aviation Capital’s Irish entity and its subsidiaries.

 

FY 2023 Highlights – optimally positioned to capitalise on market dynamics to drive long-term value

  • Record profit before tax of $460 million, up 35% year-on-year, before exceptional items
  • Profit before tax of $1.2 billion when including insurance settlement proceeds of $756 million
  • Lease revenue of $1.9 billion, up 41% year-on-year (from $1.3 billion)
  • Adjusted operating cash flow of $2 billion, up 33% year-on-year
  • Agreed $5 billion of long-term leases over the last 12 months, including $3.5 billion of aircraft from direct orderbook and $1.5 billion of sale-and-leasebacks
  • $2.1 billion of aircraft delivered to 18 different customers
  • Record year for sales, trading 42 aircraft representing $1.7 billion of assets
  • Further built out order book with additional Airbus A320NEO family and Boeing 737MAX family aircraft, with total of 271 narrow-body aircraft on order
  • New technology aircraft now represents 67% of portfolio

Peter Barrett, CEO of SMBC Aviation Capital, commented:

“SMBC Aviation Capital has recorded a strong set of results for FY23, including record profit before tax, demonstrating how we are unlocking the value of the large-scale, strategically timed asset growth we have executed.

Our performance has been achieved through a disciplined approach to capital allocation and asset acquisition allowing us to take advantage of opportunities presented by the current strong market backdrop.

Our strategic asset selection means that in the current supply constrained market there is significant demand for our assets as airlines and investors look to secure the types of aircraft that we own.

SMBC Aviation Capital’s strong balance sheet, consistent shareholder support, considered, long-term strategy as well as the quality of our portfolio and order book, means we are well positioned to drive long-term growth and stable returns."

 

-ENDS-

 

CONTACTS:

Media:

Conor Irwin, SMBC Aviation Capital                +353 87 381 6106

Richard Webster-Smith, FGS Global               +44 20 7251 3801

Giles Bethule, FGS Global                               +44 20 7251 3801

Investors:

Shane St Ledger, SMBC Aviation Capital        +353 86 173 0599

ABOUT SMBC AVIATION CAPITAL:

SMBC Aviation Capital is the second largest aircraft lessor globally by number of aircraft and benefits from the strong support of its shareholders Sumitomo Mitsui Financial Group and Sumitomo Corporation. SMBC Aviation Capital has a high-quality global airline customer base with a portfolio comprising 83% narrow-body aircraft and 66% new technology aircraft (by net book value). SMBC Aviation Capital has a strong capital position and holds an A- and BBB+ rating with S&P and Fitch respectively, reflecting the long-term strength of its business. For more information, please visit: https://www.smbc.aero/

Media Enquiries:

Conor Irwin/Dara O’Sullivan
SMBC Aviation Capital

+353 1 859 9000

Email

Charles O'Brien
Partner
Finsbury

+44 0 7825 043 656

Email