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Aeroflot Reports Third Quarter Net Profit of $40.8 Million on $1.78 Billion in Revenue

Aeroflot has reported a third quarter net profit of RUB 2.9 Billion (US $40.9 million) on a 2.3x year-over-year increase in revenue to RUB 126.1 billion (US $1.78 billion). During the period, the Group’s domestic passenger level grew 27.4 percent versus Q3 2019.

Aeroflot Airbus A350-900 - Courtesy Airbus

On Friday (October 29, 2021), PJSC Aeroflot reported their third quarter and nine month 2021 financial results for the period ending September 30, 2021. The carrier reported a RAS (Russian Accounting Standards) net profit of RUB 2.9 billion (US $40.9 million) and a 2.3x year-over-year increase in revenue to RUB 126.1 billion (US $1.78 billion). For the first nine months of the year, Aeroflot reported a net loss of RUB 23.4 billion (US $330.4 million) on a 56 percent increase in revenue to RUB 276 billion (US $3.89 billion) versus 9M 2020.

In Friday’s announcement, PJSC Aeroflot’s Deputy CEO for Commerce and Finance, Andrey Chikhanchin, said,

“Aeroflot’s RAS results once again confirm the progress the Company has achieved in 2021. Following consistent improvements in financial performance over several quarters, the Company delivered net profit of RUB 2.9 billion in Q3. Our improved financial results were driven largely by demand, which meant a higher volume of domestic traffic – something the Company was betting on in the high season. In Q3 2021, Aeroflot Group’s passenger numbers in the domestic market exceeded the numbers for the same period of 2019 by 27.4%. The Company also made the most of the gradual removal of restrictions on international flights, which also had a positive impact on results. Whereas Aeroflot’s capacities on international routes were only 16% of the level of the same period in 2019 in January 2021, they had recovered to 40% by September.

“Aeroflot has continued to pay particular attention to flight safety throughout the year. Air transport in general has been one of the safest ways to travel during the pandemic thanks to state-of-the-art technologies for filtering and purifying the air on board aircraft. Numerous studies by industry experts and international organisations, including IATA, have confirmed the safety of air travel. We will continue to make every effort to ensure that our passengers feel safe. Wearing masks on board is mandatory. Circa 80% of our employees are already vaccinated. Moreover, we are making every effort to promote vaccination among our passengers: in addition to raising awareness, we carried out a special campaign called Vaccination Miles. The Company continues to perform additional pre-flight preparations, disinfect aircraft and provide passengers with personal protective equipment. We are confident that our efforts are necessary to ensure safe, high-standard travel for our passengers.”

Aeroflot's Key Financial Results for Q3 and 9M 2021 - Courtesy Aeroflot

Aeroflot’s 9M fuel costs increased by 30.1 percent year-over-year due to the increase in the price of Jet-A fuel, while labor costs decreased year-over-year by 12.2 percent. The company’s 9M management costs remained flat compared to 9M 2020, while selling costs increased by 25.2 percent, largely attributable to an increase in the cost of booking systems. At September 30, 2021, Aeroflot had total liquidity of RUB 67.5 billion (US $952 million).

Aeroflot is the flag carrier of Russia and a proud member of the global SkyTeam® alliance. During 2020, Aeroflot carried 14.6 million guests and when the Aeroflot Group subsidiaries are included, the total rises to 30.2 million passengers. The airline holds a 4-Star rating from Skytrax World Airline Awards and has been awarded a five-star global airline rating by APEX. According to Cirium’s On-Time Performance Review, Aeroflot was the world’s most on-time mainline airline for 2019. Aeroflot has also received a five-star rating from OAG for flight punctuality. In 2021, Brand Finance, a leading brand strategy consultancy, declared Aeroflot the strongest brand in Russia, as well as the “world’s strongest airline brand.” According to Bain and Company research, Aeroflot ranks fourth in the airline industry for digitalization.

Source: Aeroflot


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