The Latvian airline ended its first quarter with a healthy profit and an increase in passenger numbers. AirBaltic has generated 104.3 million euros ($114.6 million) in revenue so far this year. The quarter marks the highest-ever annual first-quarter revenue in the airline’s history. Total revenue for the last three months is up 77% from €59.9 million ($65.8 million) in the same period in 2022.
A solid first quarter.
AirBaltic aims to carry over four million passengers this year. In the first three months of 2023, airBaltic had 769,600 passengers, a 77% increase over the same period last year. The total number of flights increased by 28% to 8,700 movements in the last three months. Only 6,790 flights were operated in the 2022 season.
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This year’s total also includes around 94 flights operated on short-term or wet-lease basis with aircraft from other airlines. The flight also had decent load factors, with 70.9% of seats occupied last quarter, compared to just over half in 2022 (53.5%). Martin Gauss, President and CEO of airBaltic, expressed his delight at this year’s strong performance.
“Current indications show that the first quarter of 2023 exceeded our expectations and airBaltic is on the way back to continued profitability. For us, the goal and the ambition are clear – 700 million euros in sales in 2023 and a significant increase in the number of passengers carried to 4.4 million. In this way, the company will return to the pre-crisis state and a positive result.”
The airline offers flights to more than 70 destinations from its main airport, Riga International Airport (RIX), as well as three other airports. The airline flies from Estonia’s Lennart Meri Airport in Tallinn in addition to Vilnius International Airport in Lithuania. The company recently launched eight flights from its newest hub at Tampere-Pirkkala Airport in Finland, which opened in May 2022.
The airline offers connections to a variety of destinations on the airline’s route network in Europe, Scandinavia, CIS and the Middle East. Simple Flying previously surveyed the available destinations from each of airBaltic’s four operating bases.
We look forward to an IPO
The airline is poised to capitalize on the momentum of this solid quarter to position itself for an IPO. As a company, airBaltic is by far the best-known international brand in Latvia, accounting for more than 2.5% of Latvia’s GDP. The airline is preparing its listing with a view to an initial public offering (IPO) in autumn 2024.
In a statement from Simple Flying, airBaltic President and CEO Martin Gauss confirmed his commitment to listing the airline:
“Looking ahead to 2023, we are continuing on the successful course of achieving an IPO in 2024. Our core goals remain unchanged – to ensure the best connection between the Baltic States – one of the most important European economic centers of the future – and the world, as well as to improve the passenger experience and make a fundamental contribution to the economy”,
Photo: airBaltic
The airline recently received its 40th Airbus A220 aircraft. The latest Airbus A220-300, registration YL-ABN, is the second in the airline’s fleet to receive a special Latvian flag livery.
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