2023-06-12 14:02:23
Monday, June 12, 2023 – 6:01 PM
GENEVA, June 12 / WAM / The International Air Transport Association (IATA) expects airline profits to rebound to $9.8 billion in 2023, supported by faster revenue growth than expenses, which enhances corporate profitability.
The federation stated, in a recent report today, that its current forecast is more than double the previous forecast issued last December, amounting to $4.7 billion.
According to the report, operating profits for the aviation sector are expected to reach $22.4 billion in 2023, which reflects a significant improvement in expectations compared to expectations last December, which were estimated at $3.2 billion in operating profits.
The report estimated that regarding 4.35 billion people will travel in 2023, which is close to the number of travelers who traveled in 2019, the year before the pandemic, and reached 4.54 billion people.
The report estimated that total revenues in the aviation sector would grow by 9.7% on an annual basis, to reach $803 billion, noting that this is the first time that the sector’s revenues have exceeded $800 billion since 2019.
Willie Walsh, Director General of the International Air Transport Association (IATA), said: The financial performance of airlines in 2023 exceeded expectations, and this is due to many positive developments, as China lifted pandemic restrictions earlier in the year, while freight revenues are still above expectations. pre-pandemic levels, although freight volumes remain below pre-pandemic levels.
Mustafa Badr El Din / Ramy Samih
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