BOC Aviation reports strong first half 2025 operating cash flow, expands fleet

BOC Aviation reported a net profit after tax (NPAT) of $342 million for the first half of 2025, with earnings per share at $0.49. While this marks a decrease from $460 million NPAT in 1H 2024, core NPAT saw a 20% increase to $284 million. Total revenues and other income reached $1.2 billion, up 6% from 1H 2024, driven by a 1.0% rise in operating lease income to $937 million and a 35.6% increase in finance lease income to $130 million. The company recorded a record first half operating cash flow net of interest of $1.0 billion.

The owned fleet expanded to 441 aircraft with an average age of 5.0 years and a 100% utilisation rate for the second consecutive quarter. BOC Aviation delivered 24 new aircraft and placed its largest-ever order for 120 new aircraft, bringing its order book to 351 aircraft. Total assets grew by 2.1% to $25.6 billion as of 30 June 2025, with total equity increasing to $6.5 billion. The Board approved an interim dividend of $0.1476 per share, representing 30% of NPAT.

The company maintains strong liquidity with $533 million in cash and cash equivalents, alongside $5.5 billion in undrawn committed credit facilities. Debt repayment profile shows $0.3 billion due in 2H 2025, $2.6 billion in 2026, $3.0 billion in 2027, and $11.1 billion in 2028 and beyond.