aviation: Air Serbia whips up 21 million euros profit



In 2022, the airline Air Serbia made a net profit of the equivalent of 21 million euros. This is the best result in the company’s history, ie the Serbian carrier.

For the first time since the beginning of the corona pandemic, the company has flown into the black. The preliminary financial result is positive at 21 million euros and according to company information the highest profit that could be generated initially. At the same time, a media statement emphasizes that no subsidies should have been received due to the pandemic.

The strong increase in profits is also attributed to the fact that the volume of traffic has risen by around 60 percent in direct comparison with 2021. One benefited not only from the high demand, but also from increased average revenues. The lifting of travel restrictions would have been beneficial.

At the same time, the operating processes were optimized and further measures to save costs were implemented. As a result, despite the addition of more than 20 new routes, expenses could be reduced by about a quarter. It carried about 2.75 million passengers in 2022. The results are expected to be published in the summer of 2023.

A few days ago it became known that the Serbian government has not reserved any funds for Air Serbia in the 2023 budget. The state leadership has claimed that previous funds earmarked for Air Serbia from the state budget are used to settle old debts of the predecessor company Jat Airways. In 2022, the state bought 1.82 million newly issued Air Serbia shares worth a total of 15.5 million euros, increasing its stake in the airline by 1.6 percentage points to 83.58 percent.

The article Air Serbia flew 21 million euros profit appeared first on Aviation.Direct.

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