Norwegian delivered an operating profit of US$60 million in Q2

Norwegian reports strong results in the second quarter 2023

Aug 25, 2023 - 9:57 am

Image: Norwegian

Norwegian delivered an operating profit (EBIT) of US$60 million in the second quarter, which was characterised by strong operational performance amidst ramping-up into the busy summer travel season.

Norwegian and Strawberry’s new loyalty company have also announced that Avida has been selected as the preferred financial partner. Together with Norwegian’s recently announced agreement to acquire Widerøe, these new partnerships the airline said it will contribute to offering ‘better’ travel experiences.

For the second quarter of 2023, Norwegian delivered an operating profit (EBIT) of US$ 60 million. Profit before tax (EBT) amounted to US$50 million. The liquidity position improved through the quarter with cash and cash equivalents exceeding US$ 8.67 billion. At quarter-end, Norwegian’s fleet comprised 81 aircraft.
High load factor and operational excellence

Norwegian had 5.6 million passengers in the quarter, up from 5.0 million passengers in the second quarter of 2022. Production (ASK) was 8.7 billion seat kilometres, while passenger traffic (RPK) was 7.3 billion seat kilometres. Production was up 44 percent from the previous quarter as Norwegian ramped up capacity ahead of the busy summer travel season. The quarterly load factor was 84.4 percent, up from 81.2 percent in the same period last year.

“This quarter has demonstrated our ability to ramp up capacity and deliver a superb operational performance to become one of the top airlines in Europe. These results have been made possible thanks to over 4,700 of our colleagues working tirelessly to ensure our passengers arrive at their destinations as smoothly as possible. By solely flying with our own aircraft and crew, we can deliver “the Norwegian way” to all our customers. Our seamless customer experience has made us one of the most loved airlines in the Nordics,” said Geir Karlsen, CEO of Norwegian.

Punctuality, share of flights departing on schedule, was 81.5 percent in the quarter, up from 78.8 percent in the same period last year. Regularity, share of flights taking place, was 99.5 percent. Cirium, the global aviation consultancy, named Norwegian the most on-time European airline in May. In April, June, and July, Norwegian finished among the top three European airlines.

“The summer season of 2023 will be one of the best in our history, and I am happy that forward bookings remain strong with business travel returning and others planning their autumn holidays,” said Karlsen.

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