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Air China Ltd.

Company Background

Air China, a state-owned enterprise, is one of the country's top three carriers, alongside China Eastern Airlines and China Southern Airlines. Air China is a national flag carrier used by the country's top dignitaries, including the president and premier, when they fly domestically and internationally.


The airline's predecessor was a civil aviation arm of China's air force. It was brought under direct government control in 1980. The carrier was then split up, with what is now Air China taking over the Beijing base of operations and international routes. In another round of reorganization in 2002, the spinoffs were consolidated into Air China, China Eastern and China Southern.


Air China is headquartered at Beijing Capital International Airport. It is a member of Star Alliance and has a capital tie-up with Hong Kong's Cathay Pacific Airways. It boasts the largest international network of the major Chinese airlines.


Its leading shareholder is the state-owned China National Aviation Holding. Critics say privatization and service enhancements are needed to boost Air China's competitiveness.


Business Summary

Air China Ltd. engages in the operation of airline industry. It provides aircraft engineering, food catering, airport ground handling, cargo and passenger air transportation and other airline-related services. The company was founded in 1988 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit-20,444.45M-2,630.24M
Operating income-24,887.93M-3,201.91M
Income before tax-25,321.16M-3,257.64M
Net income-20,048.89M-2,579.35M
Diluted EPS-1.45-0.18
Dividends Per Share00
Total Assets364,999.45M46,817.01M
Total liabilities283,932.57M36,418.88M
Total equity75,070.04M9,628.93M
Operating cash flow8,566.51M1,102.10M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 140,112.43M 162,002.97M 154,417.52M 78,100.90M 89,826.38M
Gross Profit 17,913.93M 18,899.33M 19,449.34M -12,988.60M -20,444.45M
Operating income 10,819.65M 12,132.91M 12,008.77M -16,947.14M -24,887.93M
Income before tax 13,678.48M 10,930.40M 9,802.71M -14,016.11M -25,321.16M
Net income 8,353.33M 8,706.51M 7,280.07M -16,184.94M -20,048.89M
EBITDA 26,414.59M 29,223.87M 36,137.47M 5,985.54M 342.55M
Diluted EPS 0.54 0.53 0.46 -1.04 -1.45
Dividends Per Share 0.14 0.11 0.04 0 0
Total Assets 282,878.44M 277,856.12M 329,097.89M 336,756.94M 364,999.45M
Total liabilities 168,311.98M 163,252.47M 215,295.23M 236,982.01M 283,932.57M
Total equity 103,295.39M 106,232.63M 104,542.44M 91,936.11M 75,070.04M
Operating cash flow 26,889.22M 34,723.31M 39,004.95M -4,214.27M 8,566.51M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 17,979.69M 20,670.11M 19,708.18M 10,069.74M 11,556.44M
Gross Profit 2,298.77M 2,411.38M 2,482.30M -1,674.65M -2,630.24M
Operating income 1,388.41M 1,548.05M 1,532.66M -2,185.03M -3,201.91M
Income before tax 1,755.26M 1,394.62M 1,251.11M -1,807.13M -3,257.64M
Net income 1,071.92M 1,110.87M 929.15M -2,086.76M -2,579.35M
EBITDA 3,389.60M 3,728.70M 4,612.19M 771.73M 44.07M
Diluted EPS 0.06 0.06 0.05 -0.13 -0.18
Dividends Per Share 0.01 0.01 0.00 0 0
Total Assets 36,186.20M 35,489.04M 42,236.44M 43,430.93M 46,817.01M
Total liabilities 21,530.70M 20,851.34M 27,631.00M 30,563.14M 36,418.88M
Total equity 13,213.69M 13,568.51M 13,416.98M 11,856.83M 9,628.93M
Operating cash flow 3,450.51M 4,430.38M 4,978.17M -543.35M 1,102.10M

Valuation Measures

Dec 2021
Operating margin-27.70%
Profit margin-22.31%

Key executives

  • Chairman & President: Chong Xian Ma
  • Chief Financial Officer: Feng Xiao
  • Chief Engineer: Jiliang Ni
  • Vice President: Wei Xi Chai
  • Vice President: Zhi Yong Chen


  • Cathay Pacific Airways Ltd. (57.7%)
  • China State-Owned Assets Supervision & Admn Commission (4.9%)
  • GF Fund Management Co., Ltd. (2.1%)
  • Norges Bank Investment Management (1.8%)
  • E Fund Management Co., Ltd. (1.5%)
  • The Vanguard Group, Inc. (1.3%)
  • BlackRock Fund Advisors (0.7%)
  • Zheshang Fund Management Co., Ltd. (0.6%)
  • Schroder Investment Management (Hong Kong) Ltd. (0.5%)
  • HuaAn Fund Management Co., Ltd. (0.5%)

Contact Details

  • Website:
  • Address: No. 30 Tianzhu Road, Airport Industrial Zone, Beijing, 101312, China
  • Phone: +86.10.61462777

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Last Updated on 7 Feb, 2023

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