The Limerick-based “world’s largest regional aircraft lessor” with an office in Billund says it’s been another good year.
Known as the “world’s largest regional aircraft lessor” and the fourth largest commercial aircraft leasing company, Nordic Aviation Capital had $6.3 billion portfolio at the end of its fiscal year, with 437 aircraft and 71 clients in 48 countries.
Headquartered in Limerick but with offices also in Billund, Singapore, Toronto, Fort Lauderdale and a newly opened office in Hong Kong, Nordic Aviation Capital also has orders for 84 more aircraft.
This is its “22nd year of strong financial performance”, its lease revenues rising from $690 million to $780 million during the fiscal year, ending June 30, with a business performance result of $160.2 million.
The company adds that it has “invested $1.5 billion in regional aircraft for the third year running”.
Customers include British Airways, Air France, Lufthansa, LOT, Alitalia and Dublin-based Stobart Air, which is the operator of Aer Lingus Regional.
NAC employs 220 people globally, 80 of whom work in Limerick, where it is preparing to relocate to a new office development, called Gardens International, in early 2019.
“In 2018, we completed a significant number of transactions, from single aircraft to large portfolio acquisitions,” said Jim Murphy, chief commercial officer.
“We took delivery of 20 new aircraft and purchased 59 second-hand aircraft. We added additional regional jet customers to our portfolio and increased our lease revenue from regional jet aircraft, which now accounts for 44% of our total lease revenue.”
He added: “In Europe, we grew in both the number of customers and revenue and we now generate 43% of our global lease revenue here.”
Søren M Overgaard, CEO of NAC, said that the company’s continued success is driven from its investment in assets and infrastructure, as well as its “global team’s expertise and their deep knowledge of their customers and markets”.