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biggest MRO [ facilities ] here in [ the ] Baltic states .”
airBaltic is also planning to set up a new technical academy along the lines of its widely known European Pilot training school . The airline envisages that its technical academy will ensure a supply of staff for future fleet maintenance needs and provide jobs for the local economy .
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POST-COVID-19 FINANCIALS
airBaltic has weathered its fair share of financial peaks and valleys . Economic downturns , geopolitical tensions , high fuel prices , and the seismic impact of the COVID-19 pandemic have all tested the airline ’ s mettle . Yet , through it all , airBaltic has proven its ability to adapt and thrive .
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In recent years , airBaltic has steadily increased its revenue through a surge in passenger numbers and strategic expansions in its route network . Its unwavering focus on operational efficiency and stringent cost management has bolstered profitability , even amid the turbulence wreaked by the pandemic .
To counteract the financial impacts of COVID-19 and volatile fuel prices , airBaltic swiftly implemented several strategic initiatives . It optimized the fleet , refinanced bonds , and ventured into innovative realms like NFTs . The airline is now gearing up for a significant milestone with its first initial public offering ( IPO ), planned for fall 2024 .
In 2023 , airBaltic achieved record-breaking results , posting € 668 million ( US $ 728 million ) in revenue and € 34 million ( US $ 37 million ) in profits — proof
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6 The Pratt & Whitney PW1500G engine of one of the airBaltic ’ s Airbus A220-300 during maintenance in the hangar . // JUAN JOSÉ DE GOUVEIA BLANCO
7 airBaltic ’ s aircraft in Lithuanian flag livery is seen at Riga International Airport ( RIX ), Latvia ’ s busiest airport . RIX , also known as Lidosta Rīga , handles over 7 million passengers annually // JUAN JOSÉ DE GOUVEIA BLANCO
8 Martin Gauss , the CEO of airBaltic , stands in front of a shiny brand-new Airbus A220-300
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