Saudi Arabia's AviLease Reports $664 Million in Revenue

AviLease, the Saudi Arabian aircraft financing and leasing company, announced revenues of $664 million. The company, backed by Saudi Arabia's Public Investment Fund, saw its pre-tax profits double to $122 million, according to the company. The strong financial performance reflects a robust operational performance and improved asset management efficiency, according to a statement from the company.

The company's portfolio has grown to 202 owned and managed aircraft, leased to over 50 airlines across more than 30 countries. The total asset value remained steady at $9.3 billion, with a 100% fleet utilization rate, according to the company's statement.

Edward O’Byrne, the company's Chief Executive Officer, said the year marked a “pivotal stage” in AviLease’s journey. He added that the strong results reflect the quality of the investment portfolio and the strength of partnerships with airlines, alongside a focus on deploying capital in modern, highly efficient assets.

Looking ahead, AviLease aims to continue its expansion and deliver sustainable, long-term value, contributing to Saudi Arabia's aviation sector goals, according to O'Byrne.

In line with its growth strategy, AviLease executed new purchase agreements with Airbus for A320neo and A350F aircraft, and with Boeing for advanced aircraft models. The company aims to bolster its future asset portfolio with operationally efficient and fuel-saving aircraft to support future growth and meet rising demand, according to the statement. This aligns with Saudi Arabia's ambitions to strengthen its position as a global aviation hub.

AviLease also highlighted its enhanced credit profile, securing a 'Baa2' rating from Moody's and a 'BBB' from Fitch. In November, the company issued $850 million in senior unsecured notes under Regulations 144A and Reg S, diversifying funding sources and enhancing financial flexibility, according to the statement.

Domestically, AviLease supported Saudi Arabia's aviation ecosystem by facilitating the launch and expansion of new national carrier Riyadh Air. This was achieved through a sale and leaseback transaction involving a Boeing 787 aircraft, the first to join Riyadh Air's fleet, according to the company.

Furthermore, AviLease formed a strategic partnership with Hasana Investment Company, enabling local and international investors to access aircraft financing assets and leverage AviLease's operational and technical expertise. Hasana agreed to acquire an initial portfolio of 10 modern aircraft, fostering partnership growth and expanding the investor base in the sector, according to the statement.