Air Nostrum has announced a return to profitability as well as the bolstering of its partnerships with companies like CityJet.
This return to profitability was reported in its full report for 2022, which has enabled the airline to do a number of things.
Without further ado, let’s get into it…
Air Nostrum Returns to Profitability
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For 2022, Air Nostrum reported a sales figure of 494.4m euros, which resulted in aggregate profits before taxes of 19.6m euros.
Such income represents an increase of 51% compared to 2021, which shows the significant improvements made as the airline came out of the COVID-19 pandemic.
It has allowed Air Nostrum to also repay back some loans, as explained in their statement this week:
“The return to profits has allowed the company to begin repaying the ICO loans, as well as to assume the settlement of interest on the debt contracted with FASEE (SEPI).”
“Air Nostrum has already returned 29 of those 133 million from the ICO and is up to date with the interest settlements on the debt with the SEPI, which amounts to 111 million euros.”
Passenger numbers at the carrier had increase from 2.855m to 4.435m, representing an exponential growth of 55%.
The number of flights increased from 46,710 in 2021 to 65,569 in 2022 as well, with load factors reaching 77%, a 17% improvement.
Bolstering Partnerships Through SARA…
On top of the announcement of profitability, Air Nostrum announced the creation of the Strategic Alliance of Regional Airlines, or SARA.
SARA was created as a result of it’s existing partnerships with CityJet, and has added Hibernian into the mix as well utilising aircraft maintenance, crew training and more.
Carlos Bertomeu of Air Nostrum had this to say on SARA:
“SARA will act as a holding company, assisting and coordinating each of the companies in the alliance, which will continue to be independent entities, with their own brand and structures.”
“Each of the companies linked to SARA will continue to have its headquarters in its own country and with its own employees, as in the past.”
“This will mean, for example, that the headquarters, employees and economic activity of Air Nostrum will continue to reside in Valencia, maintaining unchanged its trajectory of the last 29 years as a Valencian company.”
What remains clear is that the airline is currently in good stead for success, and all eyes will be on them to see what the financial results for 2023 will look like.
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