FL Technics owner Avia Solutions Group has reported a 25% rise in revenue to €2.1 billion ($2.2 billion) for the third quarter of 2024, as compared with the prior-year period.
Net profit rose to €83 million ($87 million) from €71 million ($74.6 million) for the quarter.
Avia did not provide a breakdown by business segment, but in the first half of the year, support services revenue from external customers—which stem from MRO, ground support and training services—rose 21% €364 million ($382 million).
Meanwhile, net profit leapt to €41 million year ($43 million) from €12 million ($12.6 million) year on year, although only about half that flowed from third-party business.
Since 2019, FL Technics has grown from four hangars to six, and increased its line stations from 49 to 70.
Last week, it opened a six-bay heavy maintenance facility for narrowbodies in Indonesia, and it has taken on a five-bay hangar in the Dominican Republic.
Furthermore, FL Technics Hong Kong and partners have established FL ARI Aircraft Maintenance & Engineering China, which provides aircraft maintenance services in China.
The group’s core business is aircraft wet leasing, which has been in high demand as airlines seek cover for engine maintenance visits and aircraft delivery delays.
To mitigate the slower European winter season, the Dublin-based company has invested in air operator’s certificates across Asia and elsewhere, resulting in a revenue split for the first half of 2024 of 55% from Europe, 28% from Asia and 12% from the Americas.
“Expanding into Southeast Asia and other counter cyclical markets represents a pivotal strategic direction for the group. These regions offer significant growth opportunities and enable us to optimize fleet utilization year-round,” said Jonas Janukenas, CEO of Avia Solutions Group.
Avia also recently became the first ACMI operator to place an order for new aircraft, agreeing to 40 firm orders with Boeing for 737 MAX 8 aircraft to be delivered from 2030.
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