Poland’s LOT has recorded a strong financial result for 2024, despite numbers falling behind record figures posted in 2023. The airline cited profitability as being driven by active network management and the utilisation of opportunities within the charter market, despite facing rising service costs.
Despite this being a strong year for LOT, the Polish flag carrier recorded an operating profit of PLN 688.5 million ($174.8 million), down from PLN 1.1bn ($279.4 million) in 2023. The airline also generated a revenue of PLN 9.93bn ($2.52bn), which was also lower than the previous year, when LOT posted a revenue of PLN 10.1bn ($2.56bn).
EBIT was also down compared to the previous year, totalling PLN 805.7 million ($204 million). In 2023, the airline recorded an EBIT of PLN 1.12bn ($257.3 million). The airline stated that despite increased market competition and lower ticket prices, it maintained an operating profit margin of 8.1% for the 12-month period.
Additionally, the airline said these results allowed it to rebuild equity to record levels, reaching PLN 1.14bn ($289.5 million) at the end of 2024, compared to a loss of PLN -734.2 million (-$186.4 million) at the end of 2021 and PLN 508 million ($129 million) at the end of 2019.
“LOT Polish Airlines is now larger and financially stronger,” said Michał Fijoł, president of the management board of LOT. “These are the foundations of our strategy, which we are consistently implementing. LOT has become the airline of choice in our region, and it will soon become the main carrier at Europe’s most modern airport – the Central Communication Port (CPK).”
The Central Communication Port (CPK) is set to become Poland’s primary airport, replacing Warsaw's Chopin Airport as the country’s main aviation hub. The new is planned to open in 2030.
During the year, LOT carried 10.7 million passengers, nearly 700,000 more than in 2019. The airline attributed this increase in traffic to the addition of 11 new aircraft, including seven 737 MAX 8s, three Embraer 195-E2s, and one first-generation Embraer 195. As of December 31, 2024, LOT had expanded its fleet to 86 aircraft, the largest in the carrier’s history.
LOT also increased capacity for charter flights by 10.6% during the year, in comparison to 2023. The airline carried 1.3 million charter passengers in 2024, an 18.5% increase from 1.1 million in 2023. Additionally, the total number of charter flights operated by the airline rose by 16.4%, from 6,300 in 2023 to 7,300 in 2024.
Last year, the Polish airline also introduced eight new routes, connecting Warsaw with Tashkent, Oradea, Riyadh, Lyon, Athens, Larnaca, Tenerife, and Innsbruck.
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