One of the world’s largest ACMI providers, Avia Solutions Group, has disclosed its financial performance for the first half of 2023.

In comparison to the same period last year, the group experienced a substantial 22 per cent growth in revenue, reaching €955 million. Moreover, the adjusted EBITDA surged by 20 per cent, reaching €133 million.

While the first quarter of this year recorded a €34 million loss, attributed to the group’s strategic investments in global expansion, the second quarter presented a starkly contrasting picture as the group notched a profit of €31 million, more than doubling the figures from the preceding year. Furthermore, the adjusted EBITDA demonstrated robust growth, soaring by 60 per cent to €110 million.

Throughout the first half of 2023, the group grew its fleet by incorporating an additional 19 aircraft. The group currently has a fleet of 192 aircraft, comprising 153 passenger and 39 cargo aircraft.

The addition of new aircraft for operational deployment, crew recruiting, and associated outlays contributed to a €3 million loss in the first half of the year. Despite this, the group states it is positioned for growth and global expansion.

Jonas Janukėnas, the chief executive of Avia Solutions Group, said: “Our paramount business direction remains in ACMI services. With an evident surge in market demand, our investments are not only directed at fleet advancement but also encompass the strategic acquisition of airlines to strengthen our position in the market, bolstering our operational prowess and extending our global flight footprint.”

Although the Group’s capacity is one of the largest on the market, it says that ACMI’s demand still exceeds supply, and the company sees a lot of prospects here.

By acquiring two ACMI airlines, the leading Slovak AirExplore, and Synergy Aviation, operating in the United Kingdom, the group significantly improved its operational capacity. Additionally, BBN Airlines Indonesia, the group’s subsidiary in Indonesia, will soon begin operations, expanding the group’s regional presence.

Janukėnas added: “Our present development objectives are predominantly centred around Latin America, Asia, and Australia. By strategically reallocating aircraft to regions characterised by counter-seasonal patterns, we aim to adeptly manage the seasonal decline in demand within Europe during the winter.”

Revenue generation for the Group within the first half of 2023 was exhibited by regional distribution, with Europe constituting the lion’s share at 71 per cent, followed by the Asian region at 16.3 per cent, North and South America at 6.6 per cent, Africa at 4.7 per cent, and Australia and the Pacific region at 1.4 per cent.

In spring, Avia Solutions Group relocated its headquarters to Dublin, Ireland, consequently positioning itself as the second-largest registered aviation enterprise in the country. With a global footprint that spans 68 countries, the group maintains a network of offices in strategic locales, including Lithuania, New York, Dubai, and Dublin, facilitating seamless global operations.

FL Technics, a subsidiary of the Avia Solutions Group specialising in aircraft repair services, recently unveiled plans to construct state-of-the-art aircraft repair hangars in Punta Cana and Bali, further underpinning the organisation’s commitment to pioneering excellence within the aviation sector.