Russian losses left aircraft lessor with a $726 million (€685 million) deficit last year, but the Irish company ended 2022 with its best ever three months.
AerCap said on Thursday that net income for the final quarter of last year was $495 million, which chief executive Aengus Kelly confirmed was a record.
The Dublin-headquartered group completed a record 299 deals in the three months to December 31st, including 159 leases, 43 purchases and 97 sales.
Net losses last year hit $726 million, stemming from the termination of leases on 113 aircraft and 11 engines held by Russian airlines, costing the business $2.4 billion.
AerCap ended leases on 135 planes and 14 engines to comply with sanctions imposed on Russia following the country’s invasion of Ukraine a year ago, but was able to recover some of its assets.
The company is one of several big players in its industry now pursuing insurers through the courts to recover its losses.
A strong performance for the rest of the year allowed AerCap to recover ground. Excluding the impact of the Russian losses, net income was $2.2 billion.
AerCap buys aircraft and engines to lease to airlines around the world. Strong demand, driven by air travel’s rapid recovery from Covid curbs, helped increase the rates that airlines were willing to pay for aircraft in 2022.
The Irish company bought rival GE Capital Aviation Services in 2021, making it the biggest player in its industry.
Mr Kelly said 2022′s performance demonstrated success of the deal and the integration of the two businesses. “Air travel demand continues to improve as more countries reopen their borders,” he added.
