Air Serbia posts €40.5 million profit, plans new aircraft type in fleet

Air Serbia has posted a record 40.5-million-euro profit for 2023, which it says was achieved “without a single euro in state subsidies” as it prepares to add a new aircraft type into its fleet. It comes on the back of a record 627.9 million euros in revenue, surpassing half a billion euros for the first time in the carrier’s history. With a record year behind it, the airline is focusing on consolidating its operations in 2024 and avoiding operational issues which it faced over the past twelve months due to the addition of over twenty new routes, as well as ground handling problems at its hub in Belgrade. Dealing with the termination of its Embraer wet-lease contract with Marathon Airlines, the airline now plans to introduce a new aircraft type into its fleet, with an official announcement expected shortly. As EX-YU Aviation News learns, this will involve the addition of dry-leased Embraer jets to its fleet this summer, which will be operated by the carrier’s own crew. In addition, it is expected to wet-lease an additional Embraer jet as well.

The Serbian airline also plans to take on three dry-leased ATR72-600s in the coming period as well as two Airbus A330-200 aircraft, formerly operated by Etihad Airways. Although the two wide-body jets were in storage for two years, they more recently flew on behalf of Air Belgium. Their arrival in Belgrade is expected in July and September, respectively.

Air Serbia’s CEO, Jiri Marek, said, "Last year, Air Serbia experienced significant growth compared to the last pre-pandemic year of 2019. That year is now history, and we are now writing a new chapter. Last year, we expanded our network with 23 new destinations and at one point operated flights on a total of 87 routes to 34 countries across Europe, North America, Asia, and Africa. In scheduled and charter traffic, we carried a total of 4.19 million passengers, which is the third-best result in the nearly 97 years-long history of the company. The share of transfer passengers increased to 40%, up from 35% in 2022. We are very pleased that such unprecedented growth was accompanied by positive financial results. The intensive growth in 2022 and 2023 was inevitable for us to meet the increased demand and achieve the critical mass and market presence necessary for further business development, in line with our strategy”.

Commenting on the upcoming period, Mr Marek noted, “Now, as we reach the aforementioned critical mass in the milestone tenth year since the establishment of Air Serbia, we will work on further operation stabilisation, network expansion, and improving the services provided to passengers. The Serbian national airline owes its great appreciation for the achieved results and strong position as a leader in aviation in this part of the world to the significant support of the Government of the Republic of Serbia, the dedicated work of its employees, the loyalty of partners, and the trust of millions of passengers”.