Red Wings

Red Wings is a Russian airline based in Moscow, at Domodedovo Airport. The passenger turnover of Red Wings is 1.1 million people a year, with more than 500 employees.

Performance indicators

2024: Revenue growth by 11% to RUB 51.46 billion

At the end of 2024, Red Wings Airlines (Red Wings JSC) received revenue of 51.46 billion rubles. This is 11.6% more compared to the previous year, when the result of 46.1 billion rubles was recorded. Such indicators are reflected in the accounting documentation, which TAdviser got acquainted with at the end of April 2025.

The cost of sales on an annualized basis rose by 10.7% - from 45 billion rubles to 49.82 billion rubles. Management expenses increased by 26.8%, amounting to 2.13 billion rubles against 1.68 billion rubles in 2023. Commercial expenses increased by almost a quarter - from 594.25 million rubles to 732.78 million rubles. Revenues from the sale of products, goods, works and services showed an increase of 9.7% - from 45.04 billion rubles to 49.41 billion rubles. Payments to suppliers (contractors) for raw materials, materials, works and services increased by 15.2% - from 38.39 billion rubles to 44.22 billion rubles. Expenses in connection with the remuneration of employees amounted to 5.49 billion rubles, which is 16.9% more than in 2023 (4.7 billion rubles).

𝓲

Фото: Freepik

Gross profit increased by one and a half times - from 1.1 billion rubles to 1.65 billion rubles. At the same time, the airline suffered losses from sales in the amount of 1.21 billion rubles, while in 2023 the losses amounted to 1.18 billion rubles. Profit before tax decreased by 1.8% - from 5.38 billion rubles to 5.28 billion rubles. The carrier registered a net profit of 4.09 billion rubles, which is 4.3% less than in 2023, when the figure was 4.28 billion rubles.

Accounts receivable as of December 31, 2024 amounted to 16.85 billion rubles, which is 46% more than in the previous year (11.54 billion rubles). Accounts payable year-on-year decreased by 4.7% - from 12.66 billion rubles to 12.06 billion rubles.^[1]

2023: Revenue - 46.1 billion rubles

At the end of 2023, Red Wings earned 46.1 billion rubles in revenue against 32.05 billion rubles a year earlier. The airline's net profit in comparison with the same segments of time decreased from 4.47 billion to 4.28 billion rubles. This is evidenced by the data of the Kontur. Focus service, which TAdviser got acquainted with in mid-July 2024.

It follows from these materials that the cost of sales of Red Wings JSC in 2023 reached 45 billion rubles, an increase from 29.96 billion rubles in 2022. The carrier's gross profit decreased from 2.09 billion to 1.1 billion rubles, and the loss from sales amounted to 1.18 billion rubles against 508 million rubles in profit a year earlier.

𝓲

Фото: Red Wings

Commercial expenses of Red Wings in 2023 amounted to 594.2 million rubles, which exceeds the same costs a year ago at 538.6 rubles. The company's accounts payable in 2023 amounted to 12.66 billion rubles against 8.96 billion rubles a year earlier. Accounts receivable decreased from 11.54 billion to 7.21 billion rubles.

Red Wings for 2023 increased passenger traffic by 23% compared to 2022, having completed 25,159 flights. In total, in 2023, about 2.723 million passengers used its services, the overwhelming majority - more than 2.2 million - on international flights, 531.5 thousand - on domestic flights. In December alone, Red Wings transported more than 176 thousand passengers, of which about 143.5 thousand people took advantage of the company's international flights.

The most popular were flights from Moscow to Yerevan, Alma-Ata, Istanbul, Tel Aviv and vice versa. Flights from Yekaterinburg to the near abroad (Kazakhstan) and Russia are also very popular . At the same time, the percentage of passenger seat occupancy is also growing, over the year aircraft occupancy increased by 6.5%, amounting to 81.7%. In 2023, Red Wings opened 23 new regular destinations, 6 of them domestic, 17 international.^[2]

History

2024

Passenger traffic growth by 7.4% to 2.9 million people

Red Wings Airlines in February 2025 announced that it increased passenger transportation in 2024 by 7.4% to 2.9 million people. In 2024, the airline opened new flights on the routes: Novokuznetsk -, Irkutsk-, Yekaterinburg Astrakhan Yekaterinburg -, Arkhangelsk Yekaterinburg -, -. Surgut St. Petersburg Yaroslavl Flights to and from Tbilisi Batumi Yekaterinburg,,,,, were launched. Red Ufa Kazan Wings Samara Mineral Waters Sochi is one of the ten Russian air carriers. Red Wings increased^[3] by^[4]

Transition under the management of the Rostec structure

On July 30, 2024, it became known that Red Wings Airlines came under the control of the structure of the Rostec state corporation. The functions of the sole executive body of Red Wings were transferred to the leasing company Aviakapital-Service, which is part of the RT-Finance holding.

According to the press service of Rostec, the decision to change the leadership was made at a meeting of the board of directors of Red Wings on July 29, 2024. As a result, the powers of the general director of the airline Yevgeny Solodilin were terminated. In addition, a new chairman of the board of directors was elected - this position was taken by Igor Zavyalov, Deputy General Director of Rostec.

𝓲

Фото: Red Wings

The state corporation explained that the changes in the management bodies of Red Wings are part of a large-scale transformation of Rostec's profile assets. According to the decision of the supervisory board of the corporation, assets specializing in financial services, including Aviakapital-Service and leasing company Ilyushin Finance Co. (IFK), which owns Red Wings, is transferred to the RT-Finance holding.

At the next stage, it is planned to join IFK to Aviakapital-Service. The purpose of this step is to create a single leasing company that will specialize in transactions with domestic aviation equipment for Russian airlines.

As stated in Rostec, changes in the leadership of Red Wings will not affect her work. They noted that "the airline flies and will continue to fly further in the same volumes and even more." But in the future, restructuring may affect the fleet and the increase in the cost of transportation, does not exclude the editor-in-chief of the Avia.ru portal Roman Gusarov (he expressed his opinion to Kommersant).

Red Wings is one of the largest air carriers in Russia. By July 2024, the Red Wings fleet includes 20 regional Superjet 100 aircraft, three long-haul Boeing 777 and two Tu-204/214. The company also has eight Airbus A320/321 that have been in storage since 2022. In August 2023, Red Wings acquired Sky Gates Airlines, a cargo airline with one IL-76TD and one IL-96-400T in its fleet.^[5]

2023: Sky Gates Airlines asset buyback to launch freight

On December 11, 2023, Red Wings announced the launch of the freight direction. It will develop on the basis of the assets of the absorbed carrier Sky Gates Airlines. Read more here.

2022: Appointment of Evgeny Solodilin as CEO of the airline

On July 12, 2022, it was announced that Yevgeny Solodilin was appointed to the post of general director of Red Wings airline instead of Evgeny Klyucharev, who had been in charge of the first carrier since 2014. The reasons for Klyucharev's dismissal were not reported. Read more here.

Notes