Avia Solutions Group (ASG) has reported a near-doubling of revenue to €1.9bn (US$ 2.06bn) in 2022, leaving it with a profit of €12 million after earnings of €285 million.
Over 80% of revenue was generated in western Europe, the Lithuanian company said, with Asia making up 10%, twice as much as North America. The group has four offices in the US, where it generated around €60 million in 2022 and where it sees "great operational potential".
However the company, which says it is the world's biggest ACMI [aircraft, crew, maintenance and insurance] leasing business, said it lost €14 million after it pulled out of Russia due to the latter's military invasion of Ukraine in early 2022.
"Another €55 million in losses were caused by significant downsizing of activities in China,” said chief executive Jonas Janukenas.
Profit without those "one-time" Chinese and Russian losses would have come to €85 million, the group said, describing its operations in the two counties as "insignificant".
By the end of the year, ASG and its subsidiaries had a fleet of 173 aircraft, 136 of them passenger jets and the rest cargo, after adding 78 aircraft during the 12 months.
“Our group’s financial results for last year were predominantly determined by the fact that we were one of the first in the market to begin actively expanding our passenger aircraft fleet. We can see that this strategy paid off and allowed us to strengthen our leading positions in the market. Throughout the year, we added 78 aircraft to the group’s fleet,” said Janukenas.
ASG in early 2023 announced it was moving its headquarters from Vilnius to Dublin where many of the world's biggest aircraft lessors are based.
Revenue for 2021 came to €1bn, ASG reported twelve months ago, announcing a return to profit of €34 million after a €52 million loss the year before.