Korean Air’s financial results for Q4 and full year 2021

posted on 27th January 2022 by Eddie Saunders
Korean Air’s financial results for Q4 and full year 2021

Korean Air recorded a revenue of KRW 2.8259 trillion (USD 2,383.7 million) and an operating profit of KRW 704.4 billion (USD 594.2 million) in its fourth quarter financial results.

For the full year of 2021, the airline reported KRW 8.7534 trillion (USD 7,383.7 million) in revenue and KRW 1.4644 trillion (USD 1,235.3 million) in operating profit.

Korean Air achieved all-time records for both quarterly and annual operating profits in the company’s 53-year history.

Previous quarterly operating profit record: KRW 447.6 billion, Q3 2016

    Previous yearly operating profit record: KRW 1.1589 trillion, 2010

While the spread of COVID variants delayed the airline’s passenger business recovery, the business saw revenue increase by 14% to KRW 379.5 billion with a rise in passenger traffic bolstered by quarantine-free travel extended to destinations such as Guam, Singapore and Hawaii from Korea.

Korean Air expects the speed of passenger demand recovery to be determined by the COVID-19 variant situation and border regulations.

The airline plans to continue to flexibly operate routes to respond to market trends.

<2021 Full Year Results (Non-consolidated)>

 

* Unit: KRW billion (USD million)

KRW/USD exchange rate: 1185.5

2021 2020 Remarks
Revenue 8,753.4

(7,383.7)

7,405

(6,246.3)

+18% YoY
Operating Profit 1,464.4

(1,235.3)

238.3

(201)

+515% YoY
Net income 638.7

(538.8)

-194.6

(-164.2)

Turned Surplus

 <2021 Q4 Results (Non-consolidated)>

 

*Unit: KRW billion (USD million)

KRW/USD exchange rate: 1185.5

Q4  2021 Q4 2020 Remarks
Revenue 2,825.9

(2,383.7)

1,859.4

(1,568.5)

+52% YoY
Operating Profit 704.4

(594.2)

146.5

(123.6)

+381% YoY
Net income 403.5

(340.4)

720.9

(608.1)

Reduced surplus