Aviation group Avia sees profits hit €68m

Profits at aviation group Avia Solutions soared to €68.2 million last year, the Irish-based group said on Wednesday.

Avia, which moved its headquarters to Dublin from Lithuania in 2023, provides aircraft crews, maintenance and insurance to airlines, as well as operating several carriers itself. It has businesses in 68 countries.

The group said net profit increased 5.5 times to €68.2 million in 2023 as revenues grew 22 per cent to €2.3 billion. Earnings before interest, tax and write-offs – a measure of the cash a business generates – rose 36 per cent to €392 million, Avia reported.

Around two thirds of revenue came from Europe, with Asia contributing 20 per cent and North and South America 6 per cent.

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Avia last month confirmed it had bought regional Australian carrier, Skytrans, boosting its efforts to expand in the Asia-Pacific region.

It plans to establish four more carriers in Brazil, the Philippines, Thailand and Malaysia by the end of the year. Those companies will provide aircraft, crew and maintenance to airlines.

In 2023 Avia expanded the total number of aircraft owned by its airlines by 27 to 200, giving the group a fleet of 159 passenger planes and 41 cargo aircraft.

Jonas Janukenas, Avia Solutions Group chief executive, said its geographic spread would allow it maximise the use of its fleet.

“The group will utilise aircraft in Europe during the summer peak season and during the winter the planes will be relocated to regions with opposite seasonality,” he explained.