The increase in revenue excludes the C$230.6m ($182.1m) earned from a ventilator contract in 2021.
The positive performance was attributed to C$4.1bn ($3.2bn) in orders for a book-to-sales ratio of 1.21 times, and a C$9.6bn ($7.58bn) backlog.
In addition, the company finished the fourth quarter with C$955.0m ($754.2m) in revenue, a 25% increase from last year’s C$894.3m ($706.3m).
This excludes revenue earned from a ventilator contract in the fourth quarter of last year as part of CAE’s Covid-19 humanitarian aid.
Annual net income attributable to equity holders amounted to C$141.7m ($111.9m), compared to a net loss of C$47.2m ($37.2m) in 2021.
The company’s adjusted net income was C$261.5m ($206.5m) while the adjusted net income in the fourth quarter totalled C$92.0m ($72.6m).
It recorded an annual operating income of C$284.2m ($224.4m) and an adjusted segment operating income of C$444.5m ($351.0m), compared to C$280.6m ($221.6m) last year.
Adjusted segment operating income, apart from the government’s anti-Covid programmes, was C$430.9m ($340.3m).
CAE’s annual Defence revenue amounted to C$1.60bn ($1.26bn), a 32% increase over last year. The company also recorded a 40% rise in Defence revenue in the fourth quarter, totalling C$469.5m ($370.8m).
The latest figures under Defence reflect the acquisition of L3Harris Military Training (L3H MT).
The year saw the receipt of Defence orders worth C$1.9bn ($1.5bn) across domains including land, air, sea, space, and cyberspace.
CAE president and chief executive officer Marc Parent said: “I am very pleased with our strong performance in the fourth quarter and for the year, having delivered double-digit growth with higher margins, excellent free cash flow, and record order bookings.
“Testament to the quality of the results, we generated C$342m of free cash flow for a 131% cash conversion. These numbers are especially impressive considering that our industry is still in the early days of a cyclical recovery.”
Last year, CAE USA and Bell Textron collaborated for US Army Future Long-Range Assault Aircraft (FLRAA) and Future Attack Reconnaissance Aircraft (FARA) training.