Wizz Air Sees Profit in FY24 with Robust Demand and Higher Earnings Forecast
Wizz Air, a European low-cost airline, has reported a net profit of €365.9 million for the fiscal year ending March 31, 2024, marking a significant turnaround from the previous year's net loss of €535.1 million. The airline's revenue surged by 30.2% to €5.07 billion, driven by a 21.4% increase in passenger numbers to a record 62 million and an improved load factor of 90.1%. Chief Executive József Váradi attributed the positive results to sustained demand for air travel and effective cost management, including improving utilization and lowering unit costs.
Despite facing challenges such as flight cancellations due to the Middle East conflict, engine inspections grounding parts of its fleet, and air traffic control disruptions, Wizz Air remains optimistic about its financial outlook. The company forecasts a net income for the current fiscal year in the range of €500-600 million. This projection is supported by strong summer travel demand and expectations of increased revenue per available seat kilometre. Additionally, the airline has taken steps to mitigate capacity constraints by extending leases on 11 A321s and dry-leasing three additional aircraft.
