Avia Solutions Group revenue up 25% to €2 billion for 9M2024
Net profit rose to €83.3 million from €70.8 million in the same period last year, EBITDA was up 29% at €406 million.
Dublin-based Avia Solutions Group, the world’s largest aircraft, crew, maintenance, and insurance (ACMI) provider, reported a 25 percent increase in revenue to €2.06 billion for the first nine months of 2024 compared to the same period last year.
Net profit rose to €83.3 million from €70.8 million in the same period last year. The group’s EBITDA for the period stands at €406 million, a 29 percent increase compared to the same period last year, according to an official release.
"Over the first nine months of 2024, the main revenue-generating regions for Avia Solutions Group were Europe (55.1 percent) and Asia (27.9 percent). The Americas, Africa, Australia and Pacific Islands represented 11.8 percent, 2.7 percent, and 1.2 percent of revenues, respectively."
The Group completed the acquisition of Australian based Skytrans in the first half of 2024, bringing the total number of air operator certificates held by the Group to 11, and over the third quarter also established its first AOC in Thailand, Thai SmartLynx. The Group is planning to obtain further air operator certificates (AOCs) in Malaysia, Philippines and Brazil by the end of 2025, the release added. Avia Solutions Group operates a 221 aircraft fleet in total, split between 183 passenger aircraft and 38 freighters.
“Expanding into Southeast Asia and other counter cyclical markets represents a pivotal strategic direction for the group," says Jonas Janukenas, CEO, Avia Solutions Group. "These regions offer significant growth opportunities and enable us to optimise fleet utilisation year-round. By leveraging the robust demand in these markets, particularly during Europe’s off-peak winter season, we can effectively balance seasonal variations, ensuring our aircraft remain active and profitable while supporting our global network and customer needs.”
The cargo market has proved challenging in 2024 due to overcapacity, adds Janukenas. "However, the Group anticipates increasing activity in the cargo market in 2025."
In November, the Group placed its first direct order for 80 Boeing 737 MAX, split between 40 firm and 40 purchase rights. The deliveries will start in 2030, the release added.
