Avianca reports strong Q1 2024 growth: Increased capacity, passenger numbers, and revenue
The company’s continued commitment to focus on being affordable for all, leads to more passengers transported year-over-year and a strengthened load factor despite a significant capacity increase.
The article Avianca reports strong Q1 2024 growth: Increased capacity, passenger numbers, and revenue first appeared in TravelDailyNews International.
First Quarter 2024 Highlights
- Consolidated capacity, measured in Available Seat Kilometers (ASK), reached 15,135 million in the first quarter of 2024; a 26.1% increase relative to first quarter 2023. The Group transported 9.3 million passengers during the period, representing a 37.5% increase over the same period in 2023.
- Total operating revenues in the first quarter of 2024 reached $1,265 million; a 16.4% increase over the same period in 2023, while total operating expenses were $1,131 million, a 15.2% increase over the same period in 2023, in spite of a 26.1% capacity increase.
- EBITDAR was $272 million in the first quarter of 2024, at a 21.5% margin, while Net Income for the period was $13 million.
- Cash balance was $971 million at March 31, 2024.
- Passenger revenues were $1,013 million for the first quarter of 2024, reflecting a 22.2% increase relative to first quarter 2023. This increase is a result of the Company’s continued efforts to make flying more accessible to a broader range of passengers.
- Cargo, Loyalty and other revenues for the first quarter of 2024 were $252 million. Quarterly LifeMiles Cash EBITDA increased 15.3% relative to first quarter 2023, reaching $36 million. Cargo revenues during the period were $152 million, an 8.3% decrease relative to first quarter 2023 due to continued market softening and industry freighter capacity remaining above prepandemic levels. However, Cargo revenues were ahead of Business Plan.
- Net Debt to last-twelve-month EBITDAR was 3.2x.
- Passenger Costs per Available Seat Kilometer excluding fuel (PAX CASK ex-fuel) in the first quarter of 2024 was $4.1 cents.
- We ended the first quarter of 2024 with an operating passenger fleet comprised of 141 aircraft: 128 Airbus 320 family aircraft, and 13 Boeing 787s.
- Avianca reintroduced Business Class service on the Narrowbody operation from Bogota to 11 destinations in the Americas: Chile, São Paulo, Buenos Aires, Montevideo, Río de Janeiro, Miami, Washington, New York, Boston, Toronto, and Mexico City. The service will be available starting July 1st.
- Avianca resumed the Bogota-Caracas route, and announced 5 new routes from Medellin to Buenos Aires, Santiago, and Lima; and from Bogota to Montreal, and Paris. In the first quarter of 2024, our network consisted of 150 routes connecting 76 destinations.
- Avianca’s first reconfigured B787 started operations the third week of April, with number of seats increased from 250 to 291. offering 16.4% additional cabin capacity. We are on track to complete the reconfiguration of our remaining 12 widebody aircraft this year.
- Avianca Cargo continued to lead the flower market from Colombia to the US during Valentine’s season, transporting ∼18,000 tons of flowers in over 300 cargo flights from Colombia and Ecuador, while further strengthening its competitive position within the region.
- Also, Avianca Cargo won the ESG Award during the Aviation Achievement Awards 2024, reflecting its commitment to sustainability.
- LifeMiles announced new policies that make it easier for customers to qualify for Elite status.
The article Avianca reports strong Q1 2024 growth: Increased capacity, passenger numbers, and revenue first appeared in TravelDailyNews International.