airBaltic

airBaltic (AIR BALTIC CORPORATION) is an airline connecting the Baltic region with 60 destinations in Europe, the CIS and the Middle East. AirBaltic is based at Riga International Airport and carries about 3.5 million passengers a year.

AirBaltic Joint Stock Company was founded in 1995. The main shareholder of the airline is the Latvian state, which owns 80.05% of the shares. The airBaltic fleet has 31 aircraft.

Performance indicators

2022: Losses - €54.22 million

AirBaltic, the largest Baltic air carrier, at the end of 2022 showed net losses of €54.22 million against €135.72 million a year earlier. Such data are provided in the report on sustainable development, published at the end of February 2023.

AirBaltic's revenue in 2022 reached €500.17 million. For comparison: in 2021, the airline's turnover was €204.11 million. Thus, an increase of almost 2.5 times was recorded for this indicator.

AirBaltic turnover increased 2.5 times

The report states that in 2022, several factors had a significant negative impact on the commercial, operational and financial performance of airBaltic. This, in particular, the current geopolitical situation, as well as the ongoing COVID-19 pandemic, in connection with which certain restrictions are imposed in a number of regions. In addition, a significant shortage of aircraft engines was mentioned, which did not allow airBaltic to carry out flights at full capacity. On the other hand, the positives also stand out. This is the lease of 11 aircraft to European carriers on the basis of ACMI contracts (Aircraft, Crew, Maintenance and Insurance). In addition, the growth is due to the deferred demand of passengers for air travel.

In 2022, airBaltic transported approximately 3.34 million passengers. For comparison: a year earlier, 1.63 million people were served. Thus, the growth in this indicator was 105%. The number of flights per year rose by 59% - from 23.4 thousand to 37.3 thousand.

With revenues of more than half a billion euros and 3.34 million passengers, airBaltic is returning to stable profitability. Our main goals remain unchanged - to ensure the best possible communication between the Baltic countries and the world, as well as to improve the quality of passenger service and make a fundamental contribution to the economy, "said Martin Gauss, CEO of airBaltic.[1]

Notes