BOC Aviation (2588) Daiwa Investment Conference 2024 Presentation summary

Financial performance highlights

• Achieved record net profit after tax of $460 million in 1H 2024, up 76% year-on-year.

• Total revenues and other income rose 11% to $1,174 million.

• Core net profit after tax increased 9% to $284 million, reflecting robust core business growth.

• Interim dividend per share reached $0.1988, a 76% increase from 2023.

• Operating cash flow net of interest hit a record $908 million.

Balance sheet and liquidity

• Total assets stood at $24.3 billion as of June 2024, with total equity surpassing $6 billion for the first time.

• Available liquidity remained strong at $5.5 billion.

• Gross debt to equity ratio improved to 2.7x from 2.9x.

• Net assets per share increased 5% to $8.73.

• Maintained A- credit ratings from Fitch and S&P.

Fleet and investment activity

• Owned fleet grew to 429 aircraft, with a strong orderbook of 219 aircraft.

• 79% of the existing fleet comprises latest technology aircraft.

• Added 14 aircraft to 2024's delivery skyline in 1H 2024.

• Committed capex pipeline totals $12 billion.

• Aircraft assets rose 8% year-on-year.