이 기사는 2021년 05월 13일 07:42 thebell 에 표출된 기사입니다.

Crianza Aviation, the aircraft lessor established by Seoul-based IMM Investment, has maintained strong profitability despite the negative impact of the Covid-19 pandemic on the global aviation industry thanks to long remaining lease terms.

The company recorded revenue of $9.5 million last year, only a small decline from $9.7 million a year earlier. The revenue of Crianza, which was founded in 2016, hit the $9 million mark in 2019 from about $7 million in 2018.

Operating profit fell 14% year on year to about $5.3 million in 2020, largely due to an increase in debt service costs as the lessor took on more debt to purchase aircraft. However, despite the decrease in earnings, the company’s operating profit margin exceeded 50%.

Crianza’s stellar operating profit margin is attributable to its stable business model. The company purchases commercial aircraft and lease them to its airline customers, with a lease term ranging from five years to 10 years. Based on the deal structure, Crianza receives lease rentals regardless of the operation of leased fleets.

Crianza had 12 aircraft at the end of 2020 with an average remaining lease term of about 7 years, indicating that the company will be able to generate stable revenue in the coming years. Crianza has also continued to purchase new aircraft.

The leasing company’s airline customers include Singapore Airlines, Emirates, Qatar Airways and Etihad Airways, which have strong credit profiles.

“The aviation industry is still suffering from the impact of the Covid-19 pandemic, but Crianza’s airline customers are the world’s top carriers which can receive government support and thus there is little credit risk.”

Crianza, known as the first dedicated South Korean leasing company, is a joint venture between IMM Investment and Cerritos Holdings, which specializes in aircraft financing.

IMM also acquired Germany-based aircraft lessor EastMerchant through Crianza to expand the business. Founded in 1998, EastMerchant arranged and structured more than 70 transactions with its customers in more than 20 countries. (Reporting by Byung-yoon Kim)