airBaltic has this week reported a €34 million profit, which is the highest in the airline’s history.
The annual financial report for the airline’s activity was released on March 5, detailing this achievement.
Without further ado, let’s get into it…
The airBaltic Numbers…
The numbers that airBaltic have provided in their financial statement is as follows:
| Position | 2023 | 2022 | Change |
|---|---|---|---|
| Revenue | EUR 668 million | EUR 500 million | 34% |
| EBITDAR | EUR 159 million | EUR 83 million | EUR 76 million |
| Profit / (loss) | EUR 34 million | EUR (54) million | EUR 88 million |
| Passengers | 4.5 million | 3.3 million | 36% |
| Grand total flights* | 65.5 thousand | 50.4 thousand | 30% |
What we can see from the data is that airBaltic has managed to turn over a record profit from a loss recorded in 2022.
Revenues have also soared due to increased passenger numbers from more routes & aircraft.
So in all, it is quite the turnaround from the Latvian carrier in this regard.
Martin Gauss: 2023 Was A Very Successful Year…
Commenting further on this was Martin Gauss, the CEO of airBaltic, who reflected on a successful 2023:
“2023 was a very successful year of growth for airBaltic.”
“With a record-breaking revenue of well above half a billion euros, the highest profit in the company’s history, impressive record EBITDAR of EUR 159 million, and other positive business indicators, airBaltic has surpassed the pre-pandemic level.”
“airBaltic has started 2024 on a strong note, and currently, our focus is on continuing our path to a potential initial public offering (IPO).”
“Our core objectives remain unchanged – to ensure the best connectivity between the Baltics and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy”.
It remains clear that airBaltic will continue this strong momentum as we progress further into 2024.
Overall…
In conclusion, airBaltic had a very successful 2023, and has been able to turn around things substantially.
Going into 2024, all eyes will be on how the airline will continue to grow, especially with a significant delivery backlog.
The all-A220 operator will continue to add routes as more capacity becomes available to do so.
But for now, let’s see how the next few years ahead performs for airBaltic.
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