Avia Solutions Group Reports 25% Revenue Growth in Q3

Avia Solutions Group, the world’s largest ACMI (Aircraft, Crew, Maintenance, and Insurance) provider based in Dublin, has announced robust financial results for the third quarter of 2024. The group, which operates a fleet of 221 aircraft—183 passenger planes and 38 freighters—saw a significant 25% increase in revenues, totaling €2.06 billion compared to the same period last year. Net profit also rose to €83.3 million, up from €70.8 million, while EBITDA for the quarter reached €406 million, reflecting an 18% growth year-on-year.

The group’s growth was fueled by strong demand across key global regions. Europe was the largest contributor, accounting for 55.1% of total revenue, followed by Asia at 27.9%. The Americas contributed 11.8%, while Africa and the Pacific Islands made up smaller portions at 2.7% and 1.2%, respectively.

As part of its strategic focus on meeting the growing demand for aircraft, particularly during peak seasons, Avia Solutions Group continues to expand its global presence. In the first half of 2024, the group acquired Australian-based Skytrans, increasing its fleet and operational capacity. Additionally, in Q3 2024, the group established its first Air Operator Certificate (AOC) in Thailand, Thai SmartLynx, and plans to expand further, with new AOCs expected in Malaysia, the Philippines, and Brazil by 2025.

Jonas Janukenas, CEO of Avia Solutions Group, highlighted the strategic importance of expansion into Southeast Asia and other counter-cyclical markets, stating, “These regions offer significant growth opportunities and enable us to optimize fleet utilization year-round.” The expansion into these markets is expected to help balance seasonal variations, especially during Europe’s off-peak winter months, ensuring aircraft remain active and profitable throughout the year.

While the cargo market has been challenging in 2024 due to overcapacity, Janukenas expects a rebound in cargo activity in 2025. The group is preparing for a recovery in this sector, which will further complement its growth strategy.

In addition to its fleet and operational expansions, Avia Solutions Group made significant strides in its business development initiatives. The group successfully issued US$300 million in five-year senior unsecured bonds, with a 9.75% coupon rate in the first half of 2024. The issuance is part of the group’s broader strategy to strengthen its financial position and support further expansion.

Investor confidence in Avia Solutions Group’s growth strategy is evident, with an increase in equity capital by €300 million in 2024. This growth came from Certares Management LLC, a private equity firm that invested in Avia in 2021 and converted its preferred shares into ordinary shares.

In November 2024, the group placed its first direct order for 80 Boeing 737 MAX aircraft, which will be delivered starting in 2030. The order consists of 40 firm purchases and 40 purchase rights, positioning the group for continued fleet growth and operational flexibility in the coming years.

Avia Solutions Group provides a wide range of aviation services, including aircraft maintenance (MRO), pilot and crew training, and ground handling. Operating in 68 countries with more than 250 companies and a team of 14,000 aviation professionals, the group continues to strengthen its position as a global leader in aviation services.

Tags: Aerotime

Avia Solutions Group Reports 25% Revenue Growth in Q3

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