The International Air Transport Association (IATA) has predicted that the global airline industry’s net profits are expected to reach $25.7 billion in 2024, representing. The figure according to the global airline clearing house will be a slight improvement over 2023 which is expected to show a $23.3 billion net profit (2.6 per cent net profit margin). This is just as it has been predicted that African airlines are expected to generate losses in both 2023 and 2024. While airline industry operating profits are expected to reach $49.4 billion in 2024 from $40.7 billion in 2023, total revenues in 2024 are expected to grow 7.6 percent year over year to a record $964 billion. IATA has, however, attributed the 25.7 billion net expected in 2024 to what it described as a tribute to aviation’s resilience.

Source: Nigerian Tribune December 06, 2023 12:23 UTC