Singapore-headquartered lessor BOC Aviation’s net profits rose 5.8% year-over-year (YOY) to $620 million in 2018, marking a record year for the company.

During the 12 months ended Dec. 31, 2018, BOC’s turnover was up 23% YOY at $1.7 billion. Costs rose more slowly, up 22.5% at $1.7 billion, delivering a 24% pre-tax profit increase that hit $685 million.

“We also delivered a return on equity of 15.5%, above our 12-year average return on equity of 15%,” BOC Aviation managing director and CEO Robert Martin said.

In 2018, BOC took delivery of 55 aircraft, signed 92 lease commitments and sold 41 aircraft (34 owned and seven managed). By Dec. 31, BOC’s assets had grown 14% to $18 billion, with 183 aircraft on order.

The company ended the year with a fleet of 511 owned, managed and committed aircraft, averaging three years old, placed with 93 airlines worldwide in 37 countries. The owned-aircraft fleet has an average remaining lease term of 8.3 years.

BOC said it had 99.9% aircraft utilization for the year, with 100% cash collection from its airline customers.

During the 12-month period, BOC secured $2.7 billion in new financing, ending the year with $3.6 billion in undrawn credit.

Victoria Moores