Irish lessor SMBC Aviation Capital reported a record pre-tax profit of $344 million for the financial year, up nearly 8% from $319.4 million in the previous year.

For the year ended March 31, SMBC generated $1.1 billion in revenue, placing 47 aircraft from its order book, agreeing to sales and leasebacks of 40 aircraft, and selling an additional 30.

“This was a record year for revenue and profitability,” SMBC CEO Peter Barrett said. “We maintained a well-balanced and managed aircraft portfolio.”

He described the lessor’s balance sheet as “robust and flexible.” SMBC’s shareholders recently injected $1 billion into the company.

SMBC is focused on developing its fleet of new-technology aircraft, which now make up 37% of the company’s portfolio—up from 22% in 2018 and 11% in 2017.

At year-end, SMBC’s total aircraft assets stood at $11.9 billion, up from $10.3 billion. The lessor’s owned, managed and committed fleet totalled 729 aircraft, on lease to 86 airlines in 40 countries.

In December 2018, SMBC announced an order for 65 additional Airbus A320neos, scheduled for delivery between 2023 and 2025. 

Victoria Moores, victoria.moores@informa.com