Summary
- GetJet Airlines saw 469% EBITDA growth in 2023, attributed to increased demand for ACMI services.
- Revenue surged by 70% in 2023, fueled by premium service quality and fleet optimization.
- CEO highlighted success due to providing ACMI services during times of fluctuating demand.
Lithuanian ACMI and charter carrier GetJet Airlines, owned by GetJet Aviation Holdings, witnessed remarkable profit growth in 2023. Its EBITDA soared to €28.1 million ($30.5 million), marking a 469% increase compared to 2022.
GetJet Airlines also saw a significant boost in revenue, with a 70% increase to €176 million ($191 million) in 2023, compared to €103.9 million ($112.7 million) in the previous year. The airline’s positive financial results were driven by increased demand for ACMI services and were credited to both the delivery of premium service quality and the return to pre-pandemic capacity.
Increased demand for ACMI services
Like many airlines worldwide, GetJet Airlines faced challenges during the COVID-19 pandemic and operated at a net loss of €3.4 in 2021. However, by 2022, the airline returned to profitability, recording €4.3 million in net profits. Remarkably, 2023 proved to be its best post-pandemic year yet, with profits soaring to €28.1 million.
Photo: InsectWorld | Shutterstock
According to the airline, the main driver of this success was its ACMI services. Wet leasing offers airlines a flexible and rapid response option to increase capacity during times of fluctuating demand. Wet leasing helps airlines avoid crew shortages and provides a smoother expansion process.
Commenting on the positive financial results and the primary factors behind them, CEO Ruta Kulvinskaite of GetJet Airlines said:
“The demand for flights was on the rise; however, not all airlines were able to swiftly restore their capacity due to shortages in aircraft, crews, and other resources. Consequently, our services emerged as an appealing solution for airlines aiming to promptly and efficiently address the heightened demand for flights.”
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Focus on premium services and size optimization
Besides rebounding from the COVID-19 pandemic and experiencing increased demand for ACMI services globally, the airline highlighted that its financial success in 2023 was also driven by its commitment to providing premium quality services and optimizing its fleet size.
Photo: Karolis Kavolelis | Shutterstock
Darius Viltrakis, head of GetJet Aviation Holdings, stated that the company’s operations and fleet size have returned to optimal levels. Currently, the airline operates a total of 16 aircraft, which include Boeing 737-800, Airbus A320, and A321 models. This, according to him, is one of the main reasons for such revenue growth.
“This composition strengthens our readiness to work with a wider customer base around the world and, along with the size of the aircraft fleet, is the most effective for our strategy, which is focused on flexibility and adaptation to customer needs.”
It is worth noting that GetJet Airlines accommodated 1.5 million passengers in 2023. Looking ahead, the airline plans to maintain high profitability and expand its premium-quality service.
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What are your thoughts on this? Do you believe the ACMI market will continue to grow in the future? Let us know in the comments section below.