Operational income in the Irish aircraft leasing sector reached €19.5bn in 2024, confirming it as one of Ireland's most valuable industries.

Figures from the Central Statistics Office (CSO) show the sector registered a profit of €2.1bn last year while assets stood at €268bn, up 52 per cent over the previous decade.

Profitability dropped 61 per cent in 2020 with the introduction of Covid restrictions before jumping 137 per cent two years later as the pandemic ostensibly ended.

The income of aircraft leasing companies has grown 54 per cent from €14.2bn in 2014 to €21.9 while expenditure rose 66 per cent to €19.8bn over the same period.

Leasing activity generated a total of €205bn for the industry during the period 2014 to 2024, including €19.5bn last year, up 59 per cent from €12.3bn in 2014.

In total, €29.4bn of income came from sources other than the primary activity between 2014 and 2024.

By country, China has been the largest source of operational income over the past decade at nine per cent, ahead of Ireland (7.6 per cent) and the US (6.9 per cent)

By region, Asia accounted for 41.2 per cent, Europe 36.2 per cent, the Americas 18.8 per cent, Africa 2.8 per cent and Australia and Oceania one per cent.

In terms of expenditure items, interest was the largest in 2024 (€7.6bn), followed by depreciated (€7.5bn) and other operating costs inclusive of tax, wages and salaries (€4.5bn).

In 2014, the industry was financed primarily through loans (60.5 per cent) and equity (19 per cent). The proportion of loan-financing fell to 55.4 per cent by 2024 while equity financing grew slightly to 19.6%.

Bonds, notes and other funding have increased from a combined 15.6 per cent in 2014 to 22 per cent in 2024. The proportion of funding from creditors fell from 4.9 per cent in 2014 to three per cent in 2024.

The sector's 3,005-strong workforce was paid a combined €620m, equating to a rough average salary of €206,300.

Employee numbers (+7.2 per cent) and total pay (+19.9 per cent) have grow noticeably since 2019 when there were 2,804 people paid €517m or an average of €184,400.

The CSO noted that a number of high-income earners left the industry with lower-income earners joining in 2023, resulting in an 8.8 per cent drop in earnings despite employee numbers rising 1.2 per cent.

Female participation has fluctuated from the 38 per cent level recorded in 2019, with the number of women employed rising from 1,052 to 1,152 in that time.

Average earnings per female employed in the industry have increased 25.8 per cent from €109,000 to €137,000.

During the same period, average annual earnings per male employed in the industry jumped 8.5 per cent from €230,000 to €249,000.

(Pic: Getty Images)