airBaltic has experienced a record-breaking first half of the year, with demand for the Latvian airlines’ services having grown by more than 50% in H1 2023 when compared to the corresponding period in 2022.
According to the Riga Airport (RIX)-based carrier, it should end the six-month period with the highest-ever revenue in the company’s history, as it earned €285 million ($319.5 million). As such, revenue increased by 49%, while the number of flights grew by 52% from 1.3 million to 2 million in H1 2023 compared to the same period in 2022.
These financial results have been provided as guidance, with airBaltic due to present the final H1 2023 and Q2 2023 results on an investor call on August 9, 2023. While the flag carrier of Latvia is not currently listed on a public stock exchange, the airline issued a 5-year €200 million ($224.1 million) bond in July 2019 that is still outstanding.
“The first half of 2023 has surpassed our expectations, driving airBaltic towards strong commercial performance. We have been recording a strong summer season so far, with each passing month showcasing improvements with an upward trend,” said Martin Gauss, the President and Chief Executive Officer (CEO) of airBaltic. Gauss added that, in comparing H1 2023 and H1 2022 results, there has been significant growth in preliminary revenues, passenger numbers, and the number of performed flights.
airBaltic’s executive added that the airline is still looking towards achieving its goal of earning €700 million ($784.5 million) in revenue while carrying 4.4 million passengers by the end of 2023.
“Furthermore, our primary focus for the future remains to be the leading connectivity provider to and from the home cities of Riga, Tallinn, Vilnius, and Tampere,” continued Gauss. He noted that the airline has strengthened its positions in those cities, where it is “committed to enhancing passenger experience and making a significant contribution to the economy”.
