Air Serbia posts record €21 million net profit for 2022

Air Serbia posted its best financial result on record by generating 21 million euros in net profit last year, with the carrier claiming it received no subsidies from the state. In a statement, the airline said, “Based on preliminary results, Air Serbia posted a positive net and operating result in 2022, for the first time since the coronavirus pandemic broke out, achieving a profit of 21 million euros, without a single euro coming from government subsidies. The good preliminary financial result was achieved thanks to efficient operations and business consolidation measures that were carried out during the pandemic, as well as a big network expansion, traffic volume increase of around 60% year-over-year, general rise in demand since spring 2022 and the easing of travel restrictions which were in force up until then”.

Air Serbia has managed to bring its costs down by 25%, while its aggressive growth of over twenty new routes in 2022 performed exceptionally well. The carrier handled 2.75 million passengers during the year. Its detailed and audited financial results will be publicly available this summer. The Serbian government has not listed Air Serbia as a recipient of direct state subsidies in its 2023 budget for the first time in nine years. The government has maintained that previous funds destined for Air Serbia from the state budget were to pay off old debt owed by the carrier’s predecessor Jat Airways. During 2022, the state purchased 1.82 million newly issued shares by Air Serbia valued at a total of 15.5 million euros, increasing its ownership stake in the flag carrier by 1.6 points to 83.58%.

Commenting on the company’s financial results, Air Serbia’s CEO, Jiri Marek, said, “I am immensely happy with the good financial result achieved last year, which is already visible, because this is the real indicator of our company’s ability to react quickly and recognise opportunities for recovery and growth. This result comes after two extremely difficult years, not only for our company, but for the entire commercial aviation sector globally. I am especially pleased that we are entering our milestone tenth year since Air Serbia was established in the best way possible, and we have ambitious plans for this year, some of which have already been announced”. He added, “In the coming days, Air Serbia plans to publish its operating results for 2022, but we can already say that last year, the Serbian national airline came 2% away from the record-setting passenger numbers achieved in 2019, which is one of the best results in Europe, looking at this parameter”.

EX-YU Aviation News

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