Norwegian Air Reports 2021 Pre-Tax Profit of $13.1 Million, Improved Fourth Quarter Cash Balance
Norwegian Air has reported a preliminary full year 2021 pre-tax profit of NOK 117 Million (US $13.1 million), compared to a net loss of NOK 16.6 billion (US $1.9 billion) for 2020. At December 31, 2021, the carrier had cash and equivalents of NOK 7.7 billion (US $863 million).
On Friday (February 18, 2022), Norwegian Air Shuttle reported their fourth quarter and preliminary full year financial results for the period ending December 31, 2021. The carrier reported a full year pre-tax profit (EBT) of NOK 117 million (US $13.1 million), versus a net loss of NOK 16.6 billion (US $1.9 billion) for the full year 2020. At December 31, 2021, Norwegian had cash and cash equivalents totaling NOK 7.7 billion (US $863 million). During the fourth quarter 2021, the airline carried 3.1 million passengers versus 0.6 million in the same period last year and 2.5 million in the previous quarter. Norwegian’s Q4 2021 load factor was 77 percent, up from 52.4 percent in the fourth quarter of 2020 and 73.1 percent in Q3 2021. At the end of 2021, the airline had an operating fleet of 51 aircraft.
In Friday’s announcment, Norwegian’s CEO, Geir Karlsen, said,
“I am pleased that we are effectively adapting to frequent changes in the market, and that we can report a positive bottom line and an improved cash balance in a quarter that was strongly marked by government-imposed restrictions following the emergence of the new omicron variant. I would like to thank all Norwegian employees for their commitment and continuous commitment. We are now looking forward to a busy spring and summer season where we will increase the fleet to 70 aircraft and have over 270 routes for sale. We look forward to welcoming even more customers on board again.”
Norwegian Air Shuttle was founded in 1993 and offers smart and pleasant travel experiences at low prices. The airline has been voted ‘Europe’s Best Low-Cost Airline’ by Skytrax for the last six years. Norwegian’s loyalty program, Norwegian Rewards, has also been voted ‘The Airline Industry’s Best Loyalty Program in Europe/Africa’ at the Freddie Awards four years in a row. In 2019, Norwegian became the first airline to sign the UN Climate Action Programme, committing to becoming climate neutral by 2050. The carrier currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations.
Source: Norwegian Air Shuttle/Mynewsdesk