Dublin-based Avolon reported a $550 million profit for the year, a 59.4% rise over its $345 million profit after tax in 2016. In 2017, the lessor became one of the top three global aircraft lessors with its purchase and integration of CIT Group’s aircraft leasing business.

Avolon is a wholly owned indirect subsidiary of China’s Bohai Capital Holding. Bohai, a unit of Chinese conglomerate HNA Group, acquired Avolon in January 2016. Avolon launched as a standalone company in 2010.

Avolon’s 2017 revenues more than doubled to $2.4 billion, compared to $1 billion in 2016. Avolon CEO Domhnal Slattery described 2017 as “transformative” and said the company was a “more strategically relevant business than at any time in our history.”

Detailing its year-end results on Feb. 22, Avolon said it made 107 aircraft transactions in 2017, including 45 aircraft deliveries and sales of 29 owned aircraft and 15 managed aircraft. In November, Avolon finalized an order for 55 Boeing 737 MAX 8s and 20 MAX 10s, plus options for 20 additional MAX 8s, valued at nearly $11 billion.

By Dec. 31, Avolon’s owned, managed and committed portfolio had grown to 908 aircraft, more than doubling year-over-year, with the owned fleet averaging 5.3 years in age and the remaining lease term on the delivered fleet averaging 6.6 years.

Avolon said it raised $14.9 billion in total debt and equity capital in 2017, including $9.8 billion raised on the capital markets.

Avolon has come under scrutiny in recent months over its $365 million loan last year to parent Bohai Capital Holding. The loan has been repaid, according to comments Slattery made in January at the Global Airfinance Conference in Dublin, but concerns by Avolon’s shareholders that loans were being filtered up to Bohai parent HNA Group persisted. Slattery reassured shareholders that Bohai was prohibited from providing any shareholder loans up the line to HNA.

As of Dec. 31, Avolon reported its Fitch credit rating was BB and Moody’s Investors Service’s rating was Ba2, both of which Bloomberg described as “still in speculative or ‘junk’ territory.”

Mark Nensel mark.nensel@informa.com