Finnair revenue increases 26.8% to 2988 million euros in 2023 centenary year

Finnair has increased its full year 2023 revenue to 2,988.5 million euros ($31,197 million), a rise of 26.8%. However, with an estimated average operating capacity of 80-85% (measured in available seat kilometres) compared to 2019, the Finnish carrier has still not surpassed pre-pandemic passenger numbers. In 2023, Finnair’s total passenger volumes were on the path to recovery, increasing by 20.8% to 11 million. Available seat kilometres increased by 15.5% to 154.5 million kilometres, representing a 77% rise (or 81% if wet leases are included) from 2019. Yearly passenger load factor was 76.4%. The airline’s net cash flow from operating activities was 472.3 million euros ($505 million), with a net cash flow from investing activities as -464 million euros (-$496 million). It expects its full-year comparable operating result for the full year 2023 to be in the range of 160-200 million euros ($171-$214 million). Finnair adds that although specific operating risks have ‘normalised as the impacts of the pandemic have faded and the markets have adapted to the closure of Russian airspace’, ongoing geopolitical tension in the Middle East causes ‘uncertainty in the operating environment’. Risks relating to the impacts of inflation and rising interest rates on demand and costs also remain elevated, causing additional uncertainty.