Amedeo Air Four Plus (AA4) H2 2024 earnings summary

Executive summary

• Strong financial performance supported by robust cash flows from Emirates leases and ongoing recovery in air travel demand.

• Emirates and Thai Airways, the two lessees, both reported record profits and operational expansion, with Emirates achieving a 14.2% profit margin and Thai Airways progressing in its rehabilitation plan.

• Dividend payments resumed and increased, with quarterly dividends declared and paid throughout the year.

• The company continues to assess strategic options, including potential asset sales or running off leases, with a focus on maximizing shareholder value.

Financial highlights

• Total rental income for the year was £182.7m, down from £208.1m the previous year.

• Net profit for the year was £26.1m, compared to £58.8m in the prior year.

• Earnings per share were 8.60 pence, down from 17.11 pence year-over-year.

• Net asset value per share was 111.50 pence as of 31 March 2024.

• Dividends totaling 7.25 pence per share were paid during the year, with further 2.00 pence per share dividends declared post year-end.

Outlook and guidance

• The company expects continued strong performance from Emirates and a positive trajectory for Thai Airways as it exits rehabilitation in 2025.

• Ongoing review of strategic options, with an update to shareholders planned later in the year.

• The aviation industry is experiencing robust recovery, with IATA reporting record passenger load factors and continued growth in air travel demand.