Dublin-based Avia Solutions Group (“the Group”), the world’s largest ACMI (Aircraft, Crew, Maintenance and Insurance) provider, operating a fleet of 214 aircraft, including 174 passenger aircraft and 40 cargo aircraft, reports revenues of €1.2 billion for the first half of the year, an increase of 29% year-on-year.

In its half-year results for 2024, the Avia Solutions Group also reported EBITDA growth of 34% year-on-year to EUR 179 million.

In the first half of 2024, 55.1% of sales came from European customers and 27.9% from Asian customers. The Americas, Africa, Australia and the Pacific Islands accounted for 11.8%, 2.7% and 1.2% of sales respectively.

This increase in revenue and a 44% increase in net profit in the second quarter of 2024 compared to the second quarter of 2023 are due to the implementation of Avia Solutions Group’s ongoing strategy to invest in expanding its capacity in a timely manner to meet the continued strong demand from airlines worldwide for additional aircraft during their peak season.

Avia Solutions Group plans to further expand its global presence and offer capacity solutions, especially during peak season, to airlines around the world. The Group plans to obtain additional Air Operator Certificates (AOCs) in Malaysia, Thailand, the Philippines and Brazil in the near future.

As part of this strategy, the Group completed the acquisition of the Australian company Skytrans in the first half of 2024. The acquired AOC brings the total number of Air Operator Certificates held by the Group to 11.

“Our performance in the first half of 2024 underscores our strong market position and our ability to meet the increasing demand for passenger aircraft. Our 44% net profit growth in the second quarter is a testament to the commitment of our team and the trust our airline partners place in us, especially during peak season in counter-seasonal markets. We remain committed to driving further growth and delivering value to our stakeholders,” said Jonas Janukenas, CEO of Avia Solutions Group. “Therefore, we will continue to expand our global service activities, fleet capacity and capabilities to continue to provide our customers with exceptional services in passenger and cargo operations.”

Investors’ confidence in the Group’s strategy is underlined by the increase in the Group’s equity by USD 307 million to EUR 655 million in the first half of 2024. This increase in the Group’s equity was also contributed to by the US-based private equity investment company Certares Management LLC, which invested in Avia in 2021 and decided to convert its preferred shares into common shares.

To advance the Group’s business development initiatives, Avia Solutions Group also successfully issued USD 300 million of five-year, 9.75% senior unsecured bonds in the first half of 2024.

Avia Solutions Group offers its services to clients including some of the largest airlines in the world. The group operates in 68 countries worldwide and consists of over 100 companies offering a wide range of aviation services such as aircraft maintenance and repair (MRO), pilot and crew training, ground handling and more. The group’s team includes 12,000 highly qualified aviation professionals.

About Avia Solutions Group

Avia Solutions Group, the world’s largest ACMI (Aircraft, Crew, Maintenance and Insurance) provider with a fleet of 214 aircraft and a parent company of over 100 subsidiaries including SmartLynx Airlines, Avion Express, BBN Indonesia Airlines and KlasJet. The Group also offers a range of aviation services: MRO (Maintenance, Repair and Overhaul), pilot and crew training, ground handling as well as a variety of related services. Supported by 12,000 highly qualified aviation professionals, the Group operates in 68 countries worldwide.