Airlines are projected to transport nearly five billion passengers in 2024, surpassing the pre-Covid pandemic peak, as reported by the trade industry association IATA on Monday. IATA also anticipates that global airlines will achieve $30 billion in net earnings this year, an increase from the prior estimate of $25.7 billion. The anticipated profit “is a great achievement considering the recent deep pandemic losses,” IATA director general Willie Walsh stated at the trade body’s annual general meeting in Dubai. “Without a doubt, aviation is vital to the ambitions and prosperity of individuals and economies. Strengthening airline profitability and growing financial resilience is important,” he added.
Despite the robust figures, airlines are also contending with significant cost increases due to shortages of parts and labour
The airline industry’s total revenues are expected to rise nearly 10 percent to $996 billion this year, marking another record high, according to IATA. The industry body, comprising over 300 airlines representing 83 percent of global traffic, is conducting its 80th AGM in the financial hub of the United Arab Emirates. Despite the robust figures, airlines are also contending with significant cost increases due to shortages of parts and labor, as well as challenges associated with climate change. Their total expenses are also projected to reach a record high this year, increasing by 9.4 percent to $936 billion, IATA reported.
