11:52 - 4.06.2024

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June 4, Fineko/abc.az. The total profit of global airlines in 2024 will reach a record of $30.5 bn amid an increase in passenger traffic up to 5 billion people, which will significantly exceed the maximum figures of the pre-pandemic 2019.

ABC.AZ reports, quoting Willie Walsh, director general of the International Air Transport Association (IATA).

"In a world where uncertainty is growing, airlines continue to strengthen their profitability. The expected cumulative net profit of $30.5 bn in 2024 is a great achievement, given the recent deep losses from the pandemic. This year, a record number of air passengers is expected - 5 billion people, so the need for flights has never been so great," Walsh said at the opening of the IATA General Assembly, taking place in Dubai.

According to IATA, air transportation costs will also reach a record high of $936 bn this year. In particular, fuel costs will amount to $291 bn, or 31% of operating expenses, based on the cost of a barrel of aviation fuel at $113.8 per barrel.

Walsh said that industry's revenues will reach a historic high of $996 bn this year. In particular, the turnover of passenger air transportation will amount to $744 bn (15.2% more than in 2023). According to the current forecast, the demand for passenger transportation will grow by 3.8% annually over the next 10 years.