Airlines' net profit expected to hit $30.5B in 2024: IATA

ANKARA

The International Air Transport Association (IATA) expects airlines' net income to hit $30.5 billion in 2024, up 11.3% from last year.

Airlines are projected to see a historic high of $996 billion in revenues and a record $936 billion expenses this year, according to the Global Outlook for Air Transport report released by the IATA on Monday.

Stressing that the net income represents a net margin of just over 3%, IATA Director General Willie Walsh said: "But considering where we were just a few years ago, it is a major achievement."

Airlines' operating profits are expected to reach $59.9 billion in 2024, up from an estimated $52.2 billion in 2023.

The IATA foresees airlines will connect a record 4.96 billion people to over 22,000 routes on 39 million flights this year.

Total air cargo volumes are foreseen to reach 62 million tons in 2024, making possible $8.3 trillion in trade.