The International Air Transport Association (IATA) has announced strengthened profitability projections for airlines in 2024 compared with its June and December 2023 forecasts. Contained in the report presented at its 80th Annual General Meeting in Dubai, IATA predicted in its outlook highlights among others that the net profits are expected to reach $30.5 billion in 2024 (3.1 percent net profit margins) representing an improvement on 2023 net profits which are estimated to be $27.4 billion (3.0 percent net profit margins) which is also an improvement on the $25.7 billion (2.7 percent net profit margin) forecast for 2024 profits that IATA released in December 2023. Speaking at the AGM, IATA’s Director General, Willie Walsh declared: “In a world of many and growing uncertainties, airlines continue to shore-up their profitability. The expected aggregate net profit of $30.5 billion in 2024 is a great achievement considering the recent deep pandemic losses. With a record five billion air travelers expected in 2024, the human need to fly has never been stronger.

Source: Nigerian Tribune June 13, 2024 06:20 UTC