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Croatia Airlines, the Croatian national airline, ended the first nine months of 2023 with an operating profit of 8 million euros, which with the net result of financing gives net profit of 7,1 million euros, which is a positive shift of 20,2 million euros compared to the same period in 2022.
Accomplished the financial result is significantly better than the result in the same period of 2019 when a loss of 6,4 million euros was realized.
Continuous monitoring of the current state of the market, trends, passenger needs, implementation of strategic initiatives defined by the post-covid strategy and adjustment of the flight schedule, increase in frequency and renewal of certain lines and the introduction of new ones, with an average of 73 flights per day, resulted during the first nine months in the growth of flights from 14 percent in flights (a total of 19.999 flights) and 13 percent in block hours (a total of 28.083 block hours) compared to the same period in 2022.
In the first nine months of this year a total of 1,35 million passengers were transported, which is 24 percent more compared to the same period in 2022. At the same time, the number of passengers in domestic regular traffic increased by 19 percent, and in international regular traffic by 25 percent, compared to the same period last year. Realized passenger kilometers increased by 22 percent, with a passenger load factor (PLF) of 65,9 percent, which is 4,1 percentage points higher compared to the first nine months of 2022.
Total business revenues are higher by 27 percent compared to the same period last year. The largest share (83 percent) in total business revenues refers to revenues from passenger transportation, which are higher by 32 percent compared to the same period in 2022. At the same time, the share of passenger revenues increased from 80 percent to 83 percent (+3 percent) compared to the same period in 2022, which is the result of traffic growth. It should be noted how the company achieved passenger revenue growth in all three quarters compared to 2022, and total passenger revenues in the first nine months of this year are 5 percent higher than the pre-pandemic 2019.
Realized operating costs are higher by 15 percent compared to the realized costs in the first nine months of 2022, and are primarily the result of an increase in the number of flights (+14 percent) and an increase in the number of passengers (+24 percent).
Croatia Airlines during this year's tourist season directly connected Croatia with 24 international destinations, or 25 European airports, while the company's aircraft flew on 44 international routes.
It was done during that period more than 17.000 flights, and more than 1,820.000 seats were offered. In the summer flight schedule, Croatia Airlines further expanded the network of international destinations by introducing new international lines from Split to Oslo and Skopje, from Dubrovnik to Prague, from Bol on the island of Brač to Munich and from Zagreb to Mostar.
In 2023, the national airline cooperates with 16 code share partners, of which 13 refer to companies from the Star Alliance association (Lufthansa, Austrian Airlines, Swiss, Turkish Airlines, TAP, SAS, Brussels Airlines, United Airlines, Air Canada, LOT, Singapore Airlines, Air India and Asiana Airlines), and three to members of the SkyTeam alliance (Air France, KLM and Alitalia/ITA Airways).
The achieved result of Croatia Airlines in the first nine months of this year also follows the forecasts of the International Air Transport Association (IATA), according to which, after the historic losses suffered by the airline industry due to the coronavirus pandemic and related travel restrictions, profitability of the airline is expected to return in 2023 industry.
During 2023, activities related to the procurement and acceptance of the first new A220 aircraft into the Croatia Airlines fleet starting in 2024 are taking place intensively. It is planned for the period until 2027 replacement of all existing aircraft in the fleet with 15 new A220 aircraft, as foreseen by the post-covid strategy.
In accordance with all of the above, Croatia Airlines, the Croatian national air carrier, remains a strategically important part of the Croatian transport and tourist infrastructure, ensuring with its activities the conditions for additional improvement of business processes and the operational and financial efficiency of the company, which will also in the future ensure competitive operations of the national airline to the satisfaction of all employees and passengers and the welfare of the Croatian economy.
