GetJet Airlines: A Stellar 400% Profit Increase in 2023

The fuselage of a GetJet Airlines Boeing 737-800.
Photo Credit: GetJet Airlines

GetJet Airlines reported a stellar financial performance in 2023, boasting a 70% surge in revenue to €176 million and a phenomenal 400% increase in profits, reaching €28 million.

This Lithuanian aircraft leasing and charter company is a subsidiary of GetJet Aviation Holdings. The operator attributed this growth to a combination of the aviation market’s rebound and their commitment to providing a premium service.

Market Recovery: A ‘Perfect Storm’ for ACMI

The aviation industry’s resurgence to pre-pandemic levels in 2023 fueled a significant rise in demand for Aircraft, Crew, Maintenance, and Insurance (ACMI) services.

Airlines scrambled to meet a surge in passenger demand, but many were hampered by a lack of resources. Shortages in aircraft, crews, and maintenance capabilities left airlines struggling to quickly restore capacity.

“This presented a perfect storm for ACMI service providers like GetJet,” explained GetJet CEO Rūta Kulvinskaitė.

“Airlines needed a reliable partner to efficiently meet the surging demand for flights. Our expertise in crew management, aircraft maintenance, and flight operations made GetJet the ideal solution.”

A GetJet Airlines Airbus A321 approaching to land.
Photo Credit: GetJet Airlines

Optimizing Fleet Size

Darius Viltrakis, head of GetJet Aviation Holdings, highlighted the return to their pre-pandemic operational size as another key factor in revenue growth. “We strategically scaled back our operations during the pandemic,” he stated.

“In 2023, we meticulously brought our operations and fleet size back to optimal levels, ensuring we had the resources to capitalize on the market recovery.”

GetJet’s current fleet consists of 16 modern aircraft, including Boeing 737-800s, Airbus A320s, and A321s. This balanced composition allows them to cater to a wider range of client needs.

A GetJet Airlines Airbus A320 on the runway.
Anna Zvereva, CC BY-SA 2.0, via Wikimedia Commons

The Boeing 737-800s offer a good mix of range, capacity, and fuel efficiency, making them ideal for short- and medium-haul routes.

The Airbus A320 family provides additional passenger capacity and operational flexibility for serving busier routes or accommodating larger groups.

“This strategic fleet composition aligns perfectly with our core value of flexibility,” Viltrakis continued.

“We can adapt our services to meet the specific needs of each client, whether it’s a short regional hop or a longer international flight. This versatility allows us to serve a broader global clientele and expand our market reach.”

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Premium Service Propels Profitability

GetJet’s profitability in 2023 stands out in the aviation sector. Compared to the International Air Transport Association’s (IATA) reported average EBIT margin of 4.5% for the industry, GetJet achieved a remarkable 15.9% EBIT margin.

This exceptional profitability is a direct result of their deliberate strategy of focusing on premium service.

“We don’t compete on size; we compete on exceptional service,” Rūta Kulvinskaitė emphasized. “Large airlines, with their vast networks and complex schedules, often struggle with flexibility and personalized attention.”

“We differentiate ourselves by providing the highest quality services tailored to each client’s specific needs.”

Highly trained and experienced crews deliver exceptional in-flight customer service, ensuring a comfortable and enjoyable travel experience for passengers.

The company also boasts their own dedicated team of maintenance specialists who carry out fleet maintenance.

This specific focus on premium service allows GetJet to command premium prices. They’ve secured loyal customers like Vueling, Transavia, and Wizzair – a testament to the quality they deliver.

A new Boeing 737-800 aircraft for ACMI operator GetJet Airlines is unloaded on the tarmac.
Photo Credit: GetJet Airlines via Facebook

World-Class Team: The Engine of Success

GetJet executives credit their team as a cornerstone of their service excellence. “We boast the strongest team of aviation specialists in Europe, right here in Vilnius,” said Viltrakis.

“Our team is passionate about aviation and committed to delivering exceptional service. The expertise and dedication of our crews, maintenance personnel, and operational staff are what truly set us apart.”

GetJet invests heavily in employee training and development programs to ensure their team possesses the necessary skills and knowledge to excel.

They also foster a culture of collaboration and open communication, allowing their team members to work together seamlessly and deliver a truly integrated service experience.

Digital Transformation

GetJet has further enhanced its service delivery through a comprehensive digitization strategy. “We’ve embraced digital transformation to streamline our operations and improve customer service,” Viltrakis explained.

“By implementing advanced digital tools and data analytics, we’ve achieved significant improvements in several key areas.”

These digital advancements have led to smoother flight planning, allowing for more efficient use of aircraft and crew

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By Len Varley - Assistant Editor 5 Min Read
5 Min Read
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