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Aeroflot IFRS net profit reaches $617.7 mln in 2024

Aeroflot's total revenue over the past year increased by 40%, amounting to around 856.8 bln rubles

MOSCOW, March 4. /TASS/. Aeroflot Group's net profit for 2024 under the International Financial Reporting Standards (IFRS) amounted to 55 bln rubles ($617.7 mln) against a loss of 14 bln rubles ($157.23 mln) a year earlier, Aeroflot said in a statement. At the same time, adjusted net profit amounted to 64.2 bln rubles ($721.01 mln) against a loss of 1 bln rubles for 2023.

According to the results of the Q4 2024, the company received a net loss of almost 5 bln rubles ($56.02 mln) against 97.3 bln rubles ($1.09 bln) of profit for the same period in 2023. Adjusted profit for this period increased by 4.8% to 10.2 bln rubles ($114.28 mln).

Aeroflot's total revenue over the past year increased by 40%, amounting to around 856.8 bln rubles. ($9.62 bln) In the Q4, revenue increased by 28.7%, reaching 220.2 bln rubles ($2.47 bln). Revenue from regular passenger transportation in 2024 increased by 41.5% to 797.8 bln rubles ($8.94 bln), which was mainly due to the growth of passenger turnover, the airline explained. Revenue from cargo transportation increased by 37.4% to 34.5 bln rubles ($386.53 mln), including against the backdrop of an 18% increase in cargo turnover.

The company’s operating expenses in 2024 increased by 27.3% year-on-year to 745.5 bln rubles ($8.35 bln). The cost of aviation fuel increased by 38.6% or 84.7 bln rubles ($948.95 mln), compared to 2023, and amounted to almost 303.9 bln rubles ($3.4 bln) amid an increase in transportation volumes. At the same time, aircraft and passenger service costs increased by 32.2% compared to 2023 and amounted to 149.2 bln rubles ($1.67 bln).

Aeroflot's total debt at the end of 2024 decreased by 5.9% year-on-year to 703.5 bln rubles ($7.88 bln) due to the repayment of loans and borrowings, the airline noted.

In 2024, Aeroflot Group carried 55.3 mln passengers, which is 16.8% more than in 2023. On domestic routes, passenger traffic increased by 12.8% to 42.6 mln passengers, on international routes - by 32.7% to 12.7 mln passengers. The passenger seat occupancy rate was a record 89.6%, representing an increase of 2.1 percentage points year-on-year. Passenger turnover increased by 20.8% in the reporting year.