Norwegian Air Shuttle has reported a fourth quarter 2024 net loss of NOK 222.6 million (US $19.8 million) on a 39 percent year-over-year increase in revenue to NOK 8.23 billion (US $730 million).
On Thursday (February 13, 2025), Norwegian Air Shuttle reported their fourth quarter and full year financial results for the period ending December 31, 2024. The Group reported a fourth quarter net loss of NOK 222.6 million (US $19.8 million) on a 39 percent year-over-year increase in revenue to NOK 8.23 billion (US $730 million), partially attributable to a weak krone exchange rate. At December 31, 2024, Norwegian had cash and cash equivalents totaling NOK 9.87 billion (US $874.7 million).
In Thursday’s announcement, Norwegian’s CEO, Geir Karlsen, said,
“Overall, we are pleased with the work that has been done across the group. It is good to see the solid passenger growth we achieved in 2024, which shows that we have an attractive product that is valued by both new and existing customers. The growth in business travelers is particularly pleasing, and we look forward to continuing to integrate Widerøe's product offering to reach even more business travelers. In addition, I am very pleased that Boeing now appears to be resolving its production challenges. So far this year, we have received three new 737 MAX 8 aircraft.
“The positive thing about the weak krone exchange rate is that it leads to more visitors to the Nordic region. Norwegian and Widerøe are in a unique position to welcome these travelers. In 2025, we will therefore continue our work to improve our product, and strengthen our efforts to reduce costs and increase efficiency.”
Norwegian's Fourth Quarter and Full Year 2024 Financial Results - Courtesy Norwegian Air Shuttle
Norwegian Air Shuttle was established in September 2002 with four domestic routes and has since carried over 300 million passengers. The airline Group, including Widerøe, is the largest in Norway and currently employs approximately 8,200 team members. Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office at Fornebu in Bærum. The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga.
The Group’s fleet, including Widerøe, now totals 135 aircraft, with 86 Boeing 737-800 and 737-8 MAX jets in the Norwegian fleet, and 46 De Havilland Canada Dash-8 and three Embraer E190-E2s in Widerøe’s fleet. Widerøe Ground Handling also serves 41 Norwegian airports. Norwegian currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations. Norwegian aims to reduce CO2 emissions by 45 percent by 2030.
Source: Norwegian Air Shuttle/Mynewsdesk