airBaltic has reported a third quarter 2024 net profit of €40.3 million on a year-over-year increase in revenue of 8.0 percent to €236 million.
On Thursday (November 14, 2024), airBaltic announced their third quarter financial results for the period ending September 30, 2024. The carrier reported a third quarter net profit of €40.3 million increase in revenue to €236 million. airBaltic also reported record nine month revenue of €575.3 million up 13 percent compared to the same period last year. The airline’s load factor for the third quarter of 2023 reached a record 86.8 percent, up 6.0 percent compared to Q3 2023.
In Thursday’s announcement, airBaltic’s President and CEO, Martin gauss, said,
“Our record-breaking results for Q3 and the first nine months of 2024 highlight the effectiveness of airBaltic’s strategy and our focus on operational efficiency, network expansion, and customer experience. With 140 routes, including 22 new additions, until the end of year, and partnerships with 24 codeshare carriers, we have significantly increased the connectivity for our passengers compared to last year. We continue to position airBaltic as the premier connectivity provider in the Baltics, supporting growth in passenger numbers and revenue.
“Despite difficult macroeconomic conditions in the Baltics and the challenges of rising engine maintenance costs, our Q3 profit and record load factors highlight strong passenger demand as well as our agility in a changing market. Moving forward, we are focused on our vision – continuing airBaltic’s growth story, enhancing passenger experience, and boosting our positive impact on the regional economy.”
In August, airBaltic converted 10 Airbus A220-300 purchase rights into firm orders and adjusted the delivery schedule, while in September the carrier extended their wet lease partnership with Lufthansa Group for a further three years. Starting in summer 2025, airBaltic will deploy up to 21 aircraft on behalf of the Lufthansa Group.
Established in 1995, Air Baltic Corporation SA (airBaltic) is a joint stock company with most of the equity (97.97%) held by the Latvian state and the remaining 2.03% held by other shareholders. One of the most punctual carriers in the world, the airline connects the Baltic region with over 130 routes from Riga, Tallinn, Vilnius, Tampere, and seasonally from Gran Canaria to more than 80 destinations in Europe, the Middle East, North Africa and the Caucasus region. The carrier operates a single fleet type of 49 Airbus A220-300s, and plans on expanding their A220-300 fleet to 100 aircraft by 2030. The airline Group also includes Air Baltic Training SIA, Loyalty Services SIA, Baltijas Kravu Centrs SIA and Crew Resources AS. airBaltic currently employs over 2,700 team members.
Source: airBaltic