LOT Polish Airlines has announced a banner year for 2024, achieving its second-highest financial results in decades.
The national carrier reported a staggering PLN 9.93 billion in revenue, coupled with a net profit of PLN 688.5 million and an operating profit (EBIT) of PLN 805.7 million.
This impressive performance, despite increased market competition and fluctuating ticket prices, speaks volumes about the airline’s robust strategies and efficient operations.
Financial Strength and Strategic Growth
The airline’s operating profit margin remained healthy at 8.1%, a testament to its effective network management. It maximized unit revenues, maintained effective cost control, and took advantage of charter market opportunities.
Despite rising service costs, LOT Polish Airlines managed to rebuild its equity to an all-time high of PLN 1.142 billion by the end of 2024.
This remarkable turnaround from a negative equity of PLN -734.2 million at the end of 2021, and a positive PLN 508.0 million in 2019, underscores the airline’s strong financial foundation.
Record Passenger Numbers and Fleet Expansion
In 2024, LOT Polish Airlines achieved a historic milestone by carrying 10.7 million passengers, nearly 0.7 million more than in 2019.
This surge in passenger numbers was facilitated by the addition of 11 new aircraft to its fleet. This comprised seven Boeing 737 MAX-8s, three Embraer 195 E-2s, and one first-generation Embraer 195.
By the end of December, the airline’s fleet had expanded to 86 aircraft, marking the largest fleet in its history.
Charter Flight Success and Route Expansion
LOT Polish Airlines also significantly strengthened its position in the charter flight segment. It collaborated with major travel agencies and capitalized on market opportunities at Warsaw and regional airports.
The airline increased its available seat kilometers (ASKm) for charter flights by 10.6%, from 3.9 billion in 2023 to 4.3 billion in 2024. The airline transported 1.3 million charter passengers in 2024, an 18.5% increase from 1.1 million in 2023.
Furthermore, the total number of charter flights rose by 16.4%, from 6,300 in 2023 to 7,300 in 2024.
“LOT Polish Airlines is now larger and financially stronger. These are the foundations of our strategy, which we are consistently implementing,” stated Michał Fijoł, President of the Management Board of LOT Polish Airlines.
“I’d like to thank the entire LOT Polish Airlines team and all our partners. Thanks to their hard work, LOT has become the airline of choice in our region, and it will soon become the main carrier at Europe’s most modern airport – the Central Communication Port (CPK).”
In 2024, LOT Polish Airlines expanded its network by introducing eight new routes, connecting Warsaw with Tashkent, Oradea, Riyadh, Lyon, Athens, Larnaca, Tenerife, and Innsbruck.
Operational Highlights
The airline performed 107,926 flights in 2024, covering a total distance of 148 million kilometers and logging 249,000 hours in the air.
The most popular domestic routes included Krakow, Wroclaw, and Gdansk. Meanwhile, short-haul flights saw high demand for destinations like London, Vilnius, and Bucharest. For long-haul travelers, New York, Toronto, and Chicago were the top choices.
“I’d like to thank our passengers for every journey they take with us. Our crews and the entire LOT Polish Airlines team do their utmost to ensure every trip meets your expectations,” added Michał Fijoł.
“With new aircraft joining our fleet, we’re offering even more exciting destinations. Plus, the recently opened LOT Business Lounge in Chicago, along with the expanded and renovated Polonez lounge in Warsaw, greatly enhance the travel experience for our business passengers.”
The Polish Travel Experience
LOT Polish Airlines also focused on enhancing the passenger experience with distinctively Polish touches. These included the introduction of metal cutlery from Gerlach in LOT Economy class on medium- and long-haul scheduled flights.
It saw new uniform elements inspired by the Young Poland artistic movement, and amenity kits featuring Polish products.
Additionally, the airline completed two significant investments. This involved the construction of a new business lounge in Chicago and the expansion and renovation of the LOT Business Lounge Polonez at Warsaw Airport.
Cargo Success and Certifications
LOT Cargo also achieved significant milestones in 2024, earning two prestigious IATA certifications. It gained CEIV Fresh, recognizing the airline’s exceptional standards in transporting perishable goods.
In addition, it was awarded CEIV Lithium Batteries certification. This recognized its expertise in safely handling and transporting lithium-ion batteries and their components.
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