GetJet Airlines announces “significant growth” in 2023 financial results

Lithuanian aircraft leasing and charter company GetJet Airlines, owned by Alexander Celiadin's GetJet Aviation, reports significant growth, with EBITDA increasing over fourfold to €28.1 million (a 316% rise), net profit jumping 5.7 times higher than 2022 (469% growth), and revenue rising by 70% to €176 million from €103.9 million. As stated by GetJet executives, the recovery of the aviation market to pre-pandemic levels and the company's strategic emphasis on delivering premium service quality “played a pivotal role in the growth of financial performance”. ""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,"" said R?ta Kulvinskait?, the CEO of GetJet Airlines. Darius Viltrakis, head of GetJet Aviation Holdings, believes one of the main reasons for such revenue growth was the “return to the optimal size of the company's operations”. ""First of all, I should emphasise that the company's operations and fleet size have returned to the optimal level they were before COVID-19. In 2023, we carried almost 1.5 million passengers. Our fleet currently consists of 16 aircraft, including Boeing 737-800, Airbus A320, and A321 aircraft. “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,"" said Viltrakis. According to the International Air Transport Association (IATA), the average EBIT margin of aviation market players was 4.5%. In the same period, the EBIT margin indicator of GetJet Airlines was almost four times higher at 15.9%. Kulvinskait? attributes this success to their deliberate strategy: ""We do not compete with size but offer exceptional quality service. When you are very big, you cannot be flexible and fast. Our focus is on flexibility and providing the highest quality services tailored to meet the specific needs of our clientele. Our target customers can pay more for premium services. We have already secured a loyal base of customers, such as Vueling, Transavia, and Wizzair. This is a great appreciation for the quality of our services,"" said Kulvinskait?. The company has also implemented a digitisation strategy to perform its services even more efficiently. ""This has significantly improved the quality of customer service and increased operational efficiency. We have even smoother flight planning, more efficient aircraft maintenance, and a faster response to customer needs than ever before,"" Viltrakis said.