Aeroflot’s revenue for the year increased by 49.5% – Kommersant

Aeroflot Airlines (MOEX: AFLT) published the results of financial statements in accordance with Russian accounting standards (RAS). Revenue amounted to RUB 497 billion, an increase of 49.5% compared to 2022. The company’s passenger turnover increased by 33.6%. Seat occupancy was a record 85.7%. Passenger turnover in the domestic segment showed an increase of 7.6%, and in the international segment it doubled.

Gross profit amounted to RUB 7.2 billion. compared to RUB 49.9 billion. loss a year earlier. At the same time, in the fourth quarter of 2023, the company received a gross profit of 3 billion rubles. compared to 1.5 billion rubles. loss in the fourth quarter of 2022. The company considers this indicator a “strong result” for the winter navigation season.

The total number of flights operated increased by 13.8%, including on international routes – by 69.8%. Revenue for 2023 exceeded the 2021 figure by 31.4%. At the same time, in the fourth quarter of 2023, revenue growth accelerated to 70.1% amid accelerated growth in passenger turnover to 42.5%. This happened due to the expansion of the route network and the opening of new flights to the CIS countries, the Middle East, Southeast Asia and Latin America.

“Financial results for 2023 show sustained improvement, driven by improved operating performance and increased passenger traffic in the domestic and international segments,” the company said in a release.

Cost of sales amounted to RUB 490 billion, an increase of 28.1%, which is lower than the revenue growth rate. Cost growth factors include an increase in the production program and rising prices for purchased products and services. For example, jet fuel rose in price by 39.8 billion rubles. At the same time, 65.5% of the growth is due to an increase in the volume of kerosene purchases to expand the transportation program, and 34.5% is due to the price factor. Another factor in rising costs is the cost of aircraft maintenance and repair due to high flight safety standards. These expenses amounted to 33 billion rubles.

nine months of 2022 – transition to the domestic Leonardo reservation system.

The net loss, including the effect of exchange rate revaluations, amounted to RUB 29.4 billion. against a loss of 14.3 billion rubles. a year earlier. Aeroflot notes that such a loss contains a significant “paper” effect. Without the impact of exchange rate revaluations, net profit amounted to RUB 50.4 billion. compared to a net loss of RUB 40.3 billion. for the last year.

Selling and administrative expenses for nine months amounted to RUB 6.4 billion. and 10.5 billion rubles, decreasing compared to last year. As Aeroflot notes, the main factor in the decrease in commercial expenses by 46.9%, or 5,964 million rubles, compared to the first nine months of 2022, is the transition to the domestic Leonardo reservation system.