Franco-Dutch airline group Air France-KLM has reported a remarkable increase in quarterly profit driven by a notable rise in the number of passengers.

During the second quarter of 2023, Air France-KLM witnessed a substantial 13.7% year-on-year increase in revenue, amounting to €7.62 billion. The operating profit also exceeded predictions, standing at €733 million. Most strikingly, the net profit almost doubled in the second quarter, soaring to €604 million from the €324 million recorded in the same period last year.

One of the driving factors behind this positive performance was the airline’s ability to carry 24.7 million passengers during the April-June 2023 period. The second-quarter capacity reached an impressive 92% of 2019 capacity levels, highlighting a gradual recovery from the challenges posed by the pandemic. Air France-KLM remains optimistic about the remainder of the year, expecting its capacity to hover around 95%.

“I am very happy to see that the situation at airports is much better this summer, including at Amsterdam Schiphol Airport,” said Benjamin Smith, CEO of Air France-KLM. “This season is a real test for 2024, when France will host the Paris 2024 Olympic and Paralympic Games, of which Air France is an official partner.”

The group generated an adjusted free operating cash flow of €557 million. The prudent financial management has also allowed Air France-KLM to significantly reduce its net debt by €1.4 billion compared to the end of 2022, bringing the debt down to €4.9 billion by the end of June.