SEOUL – Air Premia, a South Korean hybrid airline, announced on February 17th that it achieved its highest-ever revenue and operating profit in 2024, culminating in its first annual net profit since its establishment.

Key Highlights:

Record Revenue: Air Premia's revenue reached an all-time high of 491.6 billion KRW (approximately 370 million USD), a 31.1% increase from the previous year.
Soaring Operating Profit: Operating profit surged by 119.9% year-on-year to 40.9 billion KRW (approximately 30.8 million USD), marking the second consecutive year of profitability.

Maiden Net Profit: The airline achieved a net profit of 5.9 billion KRW (approximately 4.4 million USD), a significant milestone in its history.

Factors Behind the Success:

Air Premia attributed its remarkable performance to a combination of strategic factors:

Focus on Long-Haul Routes: The airline strategically focused on long-haul routes, particularly to the Americas, which proved highly profitable. These routes accounted for 56% of total passenger traffic and 80% of passenger revenue.
Robust Cargo Operations: Leveraging belly cargo space on passenger flights, Air Premia capitalized on the growing demand for e-commerce shipments, particularly from China. Cargo operations contributed 13.2% to the airline's total revenue.
Efficient Cost Management: The airline effectively managed fixed costs and diversified its revenue streams through supplementary businesses, contributing to its overall profitability.

Looking Ahead:

Park Kwang-eun, CFO of Air Premia, expressed optimism about the airline's future prospects. "Despite challenges such as global economic downturn, high fuel prices, and currency fluctuations, we achieved our first annual net profit in just four years since commencing operations," he stated.

Air Premia plans to introduce additional aircraft and expand its route network in 2025, aiming to achieve revenue of over 750 billion KRW (approximately 564 million USD) and solidify its position as a global airline.