airBaltic Group Annual Results – Revenue Grows 41% in 2021

posted on 14th April 2022 by Eddie Saunders
airBaltic Group Annual Results – Revenue Grows 41% in 2021

During the livestream press conference presenting its 2021 annual financial results, the Latvian airline airBaltic reported that airBaltic Group’s revenue reached €204.1 million in 2021, up 41% compared to the previous year.

Martin Gauss, Chief Executive Officer of airBaltic: “For much of 2021, we still saw changing travel restrictions and a continuation of the largest crisis in aviation history.

airBaltic was able to fly more, though, and reduced its net loss almost twice compared to 2020.

“Notably, the company carried 1.63 million passengers, which is up 21% compared to the previous year, to and from the Baltics as it increased frequencies on key business routes.

“In 2021, despite a very challenging year for the aviation industry, we managed to show a positive EBITDAR of €0.3 million.

“We are now on a strong path to recovery and are actively recruiting additional staff to maintain the high level of connectivity we provide to the Baltic region.

“The forward bookings in the first quarter of 2022 are significantly above the previous year and confirm a very positive development out of the crisis”.

As sustainability will be the most significant part of our future development, airBaltic has introduced various digitalisation and operational efficiency projects, while also adding seven more Airbus A220-300 aircraft that further decrease the impact on the environment.

With that, airBaltic is leading the way on the target of reaching net zero by 2050 at the latest.

Last year the airline connected Riga, Tallinn and Vilnius on a total of 74 destinations, providing much-needed connectivity including essential mail and cargo shipments for the region.

airBaltic maintained its status as the market leader and largest carrier in the Baltic states.