NAC posts 21% revenue increase in half-year results

Darren Wood
By Darren Wood September 3, 2019 08:38

NAC posts 21% revenue increase in half-year results

Nordic Aviation Capital (NAC) has posted total revenue of $890 million, an increase of 21% in its latest financial results for the year ending 30 June 2019.

The group’s lease revenue rose by 17% to $748 million as the firm generated cash flow from operations of $540 million and made investments of $1 billion.

During the period, the group increased its fleet by 43 aircraft to 480 and total assets by 6% to $8.2 billion.

An injection of $150 million in additional equity from shareholders was seen in the period to support growth and strengthen its balance sheet.

Meanwhile, NAC raised a total of $3.1 billion, of which $1.4 billion was unsecured and increased its unsecured debt to 46% of total debt.

Søren M. Overgaard, NAC CEO, said: “This year’s financial results demonstrate another record year for NAC. We successfully delivered on our strategic initiatives, which is a testament to and a reflection of the hardworking, dedicated, and passionate team at NAC without whom the successful year we delivered would not have been possible.”

Darren Wood
By Darren Wood September 3, 2019 08:38