Airline industry to record $25.7 bn net profit

Geneva: The airline industry is projected to register a net profit of $25.7 billion in 2024 as more normal growth is expected in both passenger and cargo segments, global grouping IATA said on Wednesday. For 2023, the net profit is estimated at $23.3 billion, significantly higher than the $9.8 billion projected by the International Air Transport Association (IATA) in June this year. IATA has more than 300 airlines as members.

The airline industry’s operating profit is expected to touch $49.3 billion in 2024 from $40.7 billion this year. In 2024, the total revenue is estimated to grow 7.6 per cent to $964 billion compared to 2023. “Some 4.7 billion people are expected to travel in 2024, a historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019,” IATA said. Industry passenger load factor is nearing its 2019 level, which is supporting the financial recovery of the airlines, IATA Director Policy and Economics Andrew Matters said. “The airline industry net profit is expected to reach $25.7 billion in 2024 (2.7% net profit margin),” IATA said.