Friday, May 24, 2024
Avia Solutions Group reports adjusted Q3 EBITDA of €316 million

Avia Solutions Group reports adjusted Q3 EBITDA of €316 million

Avia Solutions Group, the world’s largest ACMI (Aircraft, Crew, Maintenance, and Insurance) provider, has announced its financial results for the third quarter of this year. The company’s adjusted EBITDA is €316 million, representing a 31% growth compared to the same period last year when it was €242 million. Furthermore, the group’s revenue increased by 22% to reach €1.64 billion, compared to €1.34 billion for the same period in the previous year.

According to Jonas Janukenas, CEO of Avia Solutions Group, financial results of Q3 is a direct reflection of the substantial demand for ACMI services in the global aviation market: “The year 2023, especially the extremely active summer season, demonstrated the tremendous need for ACMI services in the aviation industry worldwide.”

READ: BBN Airlines Indonesia triples fleet size

During the third quarter of this year, the group continued its active expansion of the aircraft fleet, adding 24 new ones since the beginning of the year. The fleet now consists of 197 passenger and cargo aircraft. Janukenas underlines that Avia Solutions Group plans to maintain its leading position in the ACMI market and has future expansion plans in the Asia-Pacific region. The establishment of the new companies BBN Airlines Thailand and BBN Airlines Indonesia marks a new phase of development in the region. By the end of 2024, the group aims to own five airline companies operating in various Asian countries.

CEO of Avia Solutions Group says: “Expanding in Southeast Asia and South America is a key strategic direction for the group, allowing us to balance the reduced seasonal demand in Europe during the winter by shifting aircraft to these regions. Additionally, significant investments are being made in MRO infrastructure for the group’s aviation companies providing ACMI services. The total investment in the initial development phase in the region amounts to €25 million.”

Recently, Avia Solutions Group has begun the construction of a 20,000 sq. m aircraft maintenance hangar in the Dominican Republic and a 17,000 sq. m aircraft maintenance hangar in Bali. The group’s subsidiary, Avion Express has established ACMI airline in Brazil to serve the needs of clients in Colombia, Chile, Brazil, and the Dominican Republic.

READ: Menzies Aviation expands cargo business at London’s Heathrow Airport

In the Q3, the main revenue-generating regions for Avia Solutions Group were Europe (69.4%), Asia (19.2%), North and South America (5.8%), Africa (3.9%), and Australia and the Pacific (1.1%). The most significant change, compared to 2022, is observed in Asia, where the group’s annual revenue increased by 9.2%.

Irish-based Avia Solutions Group is the parent company of over 100 subsidiaries. Supported by 11,700 highly skilled aviation professionals, the group operates in 68 countries worldwide.

Picture of Edward Hardy

Edward Hardy

Having become a journalist after university, Edward Hardy has been a reporter and editor at some of the world's leading publications and news sites. In 2022, he became Air Cargo Week's Editor. Got news to share? Contact me on Edward.Hardy@AirCargoWeek.com

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