Air Serbia posts profit of EUR 40.5 million in 2023

Thanks to the introduction of over 20 new destinations, a significant increase in the total number of flights and carried passengers, and efficient operations, Air Serbia achieved a record profit of EUR 40.5 million in 2023, according to preliminary results. In this way, the Serbian national airline continued its positive business trend. It practically doubled its profit compared to the previous year, both times without a single euro of state subsidies. Air Serbia also continued to achieve positive operating and net results in 2023, and according to preliminary results, achieved revenue of EUR 627.9 million, surpassing half a billion euros in revenue for the first time since its relaunch in 2013.

"Last year, Air Serbia experienced significant growth compared to the last pre-pandemic year of 2019. That year is now history, and we are now writing a new chapter. Last year, we expanded our network with 23 new destinations and at one point operated flights on a total of 87 routes to 34 countries across Europe, North America, Asia, and Africa. In scheduled and charter traffic, we carried a total of 4.19 million passengers, which is the third-best result in the nearly 97 years-long history of the company. The share of transfer passengers increased to 40%, up from 35% in 2022. We are very pleased that such unprecedented growth was accompanied by positive financial results. The intensive growth in 2022 and 2023 was inevitable for us to meet the increased demand and achieve the critical mass and market presence necessary for further business development, in line with our strategy. Now, as we reach the aforementioned critical mass in the milestone tenth year since the establishment of Air Serbia, we will work on further operations stabilization, network expansion, and improving the services provided to passengers," said Jiri Marek, CEO of Air Serbia. He added that "the Serbian national airline owes its great appreciation for the achieved results and strong position as a leader in aviation in this part of the world to the significant support of the Government of the Republic of Serbia, the dedicated work of its employees, the loyalty of partners, and the trust of millions of passengers."

In line with earlier announcements and aiming for further business development, ground handling services for Air Serbia previously carried out by the company Belgrade Airport, were taken over, as of 5 March 2024, by Menzies Aviation, a leading global partner in ground handling services. Strong support for Air Serbia's ambitious growth plans is expected from Menzies Aviation, particularly regarding on-time performance and passenger baggage management. In the coming weeks and months, the expansion of Air Serbia's fleet is planned, primarily concerning regional aircraft such as the ATR 72-600, as well as new long-haul aircraft such as the Airbus A330-200, which are expected to contribute to strengthening that segment of operations and further expansion.

In October 2013, with the first flight of the Airbus A319 Novak Đoković, a new beginning for the company under the new brand and name Air Serbia was marked. Air Serbia emerged from the former Jat Airways, which was brought to the brink of sustainability. During the initial six-year transformation period from 2013 to 2018, the airline completely renewed its fleet, expanded its network of destinations, established new efficient processes, and implemented modern systems. In 2019, a period of growth began, which was temporarily interrupted by the COVID-19 pandemic. From 2021, a period of recovery began, and by 2022, the company returned to record results, followed by strong expansion in 2023, opening up space for continued growth in the years to come.

You can find more information about the activities of the Serbian national airline on the Air Serbia Media Centre webpage.