Aircraft leasing company, SMBC Aviation Capital has published half-year results for the period ended 30 September 2024.
Highlights include taking delivery of $1.7 billion of aircraft, growing the size of owned fleet to 516 aircraft as of 30 September. Profit before tax was up 16% on the prior year’s period to $275 million and $3 billion in third-party financing since 1 April to support the expansion of the business, including $1.9 billion of drawn funding alongside $1.1 billion of additional RCF capacity.
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The company has also been working on modernising its fleet, with new technology aircraft now representing 70% of portfolio. In turn, the firm has traded $411 million of predominantly mid-life aircraft, with further pipeline of $1.1 billion of asset sales over the coming months. Additionally, SMBC has signed contracts with two major North American operators for a total of 35 A321NEO aircraft
Aisling Kenny, CFO of SMBC Aviation Capital, commented: “Current market dynamics continue to present attractive opportunities to lease, re-lease and trade our assets, enabling us to lock in increasingly attractive terms with some of the strongest airline counterparties”.
“The ongoing enhancement of our portfolio will drive the profitability of our business for years to come, supporting our ability to deliver stable, long-term, fixed-income style returns to our shareholders”.
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