Avia Solutions Group, founded in Lithuania by its chairman, Gediminas Ziemelis, moved its headquarters to Ireland last year. The business provides crewed, so-called “wet-leased” craft to airlines, including to take advantage of peak times.
Avia Solutions borrowed $300m (€269m) in the period, issuing five-year senior unsecured bonds with a coupon of 9.75pc.
It now has a fleet of 214 planes and operates brands including SmartLynx Airlines, Avion Express, AirExplore, KlasJet and Magma Aviation.
The fleet has more than tripled since 2020 and Mr Ziemelis previously told the Irish Independent he wants to further expand that to 400 by 2027 or 2028. That would likely mean shifting from a 90pc leased aircraft fleet to owning more planes outright and Mr Ziemelis has said that could involve a major “three-digit” order with potentially Boeing or Airbus for new jets.
In its first half results for 2024, Avia reported 34pc growth in earnings (Ebitda) year-on-year to €179m. European customers accounted for 55.1pc of revenues, followed by Asia (27.9pc), the Americas (11.8pc) and Africa, Australia and the Pacific.
Earlier this year Avia acquired Australian airline Skytrans, based at Cairns Airport in Queensland, which operates 13 regional aircraft on so-called regular public transport routes, as well as providing charter services.
That acquisition gives Avia an Australian air operator certificate, allowing it to operate both passenger and cargo services in the country.
The group said it is planning to obtain further air operator certificates in Malaysia, Thailand, the Philippines and Brazil in the near future. The group also provides aircraft maintenance, repair and overhaul services through its FL Technics subsidiary. It has 100 line maintenance stations worldwide and maintenance hangars in Lithuania, Indonesia and the UK.
Avia Solutions chief executive Jonas Janukenas said the performance over the first half underscored the firm’s ability to meet the rising demand for passenger aircraft.
“Our 44pc growth in net profit for the second quarter is a testament to our team’s dedication and the trust our airline partners place in us, particularly during the peak holiday season in counter-seasonal markets,” he said.
“We remain committed to driving further growth and delivering value to our stakeholders.
“As such, we will continue to expand our worldwide services operations, fleet capacity and capabilities to continue delivering exceptional services across passenger and cargo operations to customers.”
