Avia Solutions Group, one of the world’s largest ACMI (Aircraft, Crew, Maintenance, and Insurance) providers, has reported strong revenues and profits for the six months to June.

Unveiling its financial performance for the first half of 2023, the group’s revenue grew by 22% to €955m, compared to the first half of last year. Adjusted EBITDA increased by 20% to €133m.

Due to the group’s investments in global expansion, the first quarter of this year had a €34m loss; nevertheless, the second quarter showed a striking contrast.

During the second quarter of 2023, the group generated profit of €31m, which more than doubled compared to the same period last year, and adjusted EBITDA increased significantly by 60% to €110m.

Avia Solutions Group profits

Throughout the first half of 2023, the group grew its fleet to 19 additional aircraft.

The group currently holds a fleet of 192 aircraft, comprising 153 passenger and 39 cargo aircraft. The addition of new aircraft for operational deployment, crew recruiting, and associated outlays led to a €3m half year loss. Despite this, the group is positioned for growth and global expansion.

Jonas Janukėnas, the CEO of Avia Solutions Group, said: “Our paramount business direction remains in ACMI services.

“With an evident surge in market demand, our investments are not only directed at fleet advancement but also encompass the strategic acquisition of airlines to strengthen our position in the market, bolstering our operational prowess and extending our global flight footprint.”

ACMI demand still exceeds supply

Although the group’s capacity is one of the largest on the market, ACMI’s demand still exceeds supply, and the company sees opportunities for growth.

By acquiring two ACMI airlines, the leading Slovak AirExplore, and Synergy Aviation, operating in the United Kingdom, the group significantly improved its operational capacity.

Additionally, BBN Airlines Indonesia, the group’s subsidiary in Indonesia, will soon begin operations, expanding the group’s regional presence.

“Our present development objectives are predominantly centered around Latin America, Asia, and Australia. By strategically reallocating aircraft to regions characterised by counter-seasonal patterns, we aim to adeptly manage the seasonal decline in demand within Europe during the winter,” said Janukėnas.
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