IFly (iFly)

Performance indicators

2024: Revenue growth by 167.2% to RUB 7.5 billion

At the end of 2024, IFly Airlines (Ai Fly LLC) received revenue in the amount of 7.45 billion rubles. This is 167.2% more compared to 2023, when the figure was 2.79 billion rubles. Such data are given in the accounting documentation published in early April 2025.

The cost of sales year-on-year increased by 70.2% - from 5.9 billion rubles to 10.03 billion rubles. In 2024, a loss was recorded from sales of about 2.9 billion rubles against 3.34 billion rubles a year earlier. IFly's net loss amounted to 2.89 billion rubles, while in 2023 the losses were estimated at 5.12 billion rubles.

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Фото: IFly

The financial report says that in 2024 the airline continued to carry out transportation on domestic flights in the Russian Federation and actively increased its route network. IFly has six Airbus A330 aircraft at its disposal, which were received under operating lease agreements. All of them have double registration, which does not allow them to be used on foreign flights, taking into account sanctions risks.

IFly emphasizes that throughout 2024 the company continued to experience significant difficulties in operating airliners associated with the closure of the airspace of a number of countries, the termination of contracts and the prohibition of leasing aircraft from foreign lessors, the exclusion of aircraft from foreign registers when they are registered in the state register of the Russian Federation, etc.

IFly accounts receivable as of December 31, 2024 amounted to 3.63 billion rubles against 3.11 billion rubles a year earlier. Accounts payable increased from 10.61 billion rubles to 14.62 billion rubles. Expenses in connection with the remuneration of employees decreased on an annualized basis from 1.32 billion rubles to 1.27 billion rubles.^[1]

2023: Revenue reduction by 71% to RUB 2.79 billion; net loss - 5.12 billion rubles

According to the results of work in 2023, iFly Airlines earned 2.79 billion rubles, which is 71% less than the previous year earlier (9.52 billion rubles). The carrier's net loss reached 5.12 billion rubles, which significantly exceeds the cash losses of a year ago (687.7 million rubles). This is evidenced by the data of the Kontur. Focus service, which TAdviser got acquainted with in December 2024.

According to these materials, the gross loss of Ai Fly LLC in 2023 reached 3.11 billion rubles, while in 2022 such a loss was measured at 1.82 billion rubles. The loss from sales also increased - from 2.02 billion to 3.34 billion rubles.

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Фото: IFly

The cost of iFly sales in 2023 fell by half - from 11.34 billion to 5.9 billion rubles. During this time, the company's management expenses increased from 200 million to 236 million rubles.

According to the Kontur. Focus service, in 2023, the airline's receivables amounted to 3.11 billion rubles against 3.86 billion rubles a year earlier. Accounts payable increased by 57%, to 10.61 billion rubles.

History

2025: Ex-Tantrip chief buys 30% of iFly

Former general director of the travel agent Tantrip Pavel Vlasov acquired a 30% stake in Ai Fly LLC (a legal entity of iFly airline) from Yunox Company JSC. The corresponding data were registered in the Unified State Register of Legal Entities in mid-January 2025.

According to RBC, after the deal, a controlling stake of 56% remained with one of the founders of the TEZ Tour tour operator Alexander Burtin. The remaining 14% is on the balance sheet of Ai Fly LLC itself.

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Фото: IFly

Until December 24, 2024, the ownership structure of the company also included a share of the general director Kirill Romanovsky (5%) and Silk Road LLC (9%), owned by Hong Kong Joy Tour Global Limited.

At the end of 2024, the airline transferred its last three Airbus A330-300 aircraft to Aeroflot, along with crews under the wet leasing scheme. At the same time, iFly continues to carry out maintenance of aircraft.

After the imposition of sanctions in 2022, the company was deprived of the ability to operate international flights due to problems with the registration of aircraft. iFly tried to launch regular flights between Moscow and Far Eastern cities.

Before the 2020-2021 pandemic, the carrier specialized in charter flights between Russia and China, using nine long-haul Airbus A330 aircraft. After the restrictions were lifted, the company operated flights to Egypt.

Yunox Company JSC acquired a stake in iFly on December 30, 2021. At the time of the transaction, the co-owners of Moscow Vnukovo airport Vitaly Vantsev and Vladimir Skoch were called the beneficiaries of the company.

Under the terms of a new agreement with Aeroflot, the national carrier operates: ticket sales, fuel purchases and airport fees. Aircraft crews remain employees of iFly.

The rest of the company's aircraft either cannot be operated for technical reasons, or were detained by foreign authorities on their territory in 2022 after the imposition of sanctions.^[2]

2024

According to Kontur. Fokus, by the beginning of December 2024, 56% of iFly belongs to the co-founder of the Tez Tour tour operator Alexander Burtin, 30% to the Yunox company, which, according to Kommersant, is associated with co-owners of Vnukovo airport, another 9% belongs to the Silk Road company, which is associated with Chinese investors of the airline. Previously, iFly operated nine A330 aircraft, and in 2022 two of them did not return from foreign maintenance. In the register of certificates of operators on the website of the Federal Air Transport Agency, the carrier has six aircraft. Of these, three are technically serviceable.

iFly intends to lease three of its remaining Airbus A330 aircraft to Aeroflot, Kommersant wrote in November 2024, citing three sources in the industry, including an interlocutor close to the Ministry of Transport.

Notes