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Norwegian Air Shuttle Reports Third Quarter 2023 Net Profit of $182.5 Million

Norwegian Air Shuttle has reported a third quarter net profit of NOK 2.04 billion (US $182.5 million) on a year-over-year increase in revenue of 23 percent to NOK 8.78 billion (US $785.4 million).


Norwegian Reports Third Quarter 2023 Financial Results - Courtesy Norwegian Air Shuttle

On Thursday (November 2, 2023), Norwegian Air Shuttle reported their third quarter 2023 financial results for the period ending September 30, 2023. The carrier reported a third quarter net profit of NOK 2.04 billion (US $182.5 million) on a year-over-year increase in revenue of 23 percent to NOK 8.78 billion (US $785.4 million). At the close of the third quarter, Norwegian had cash and cash equivalents totaling NOK 9.4 billion (US $840.5 million). The airline ended the quarter with a fleet of 85 aircraft, which is expected to grow to around 90 for summer 2024.

In Thursday’s announcement, Norwegian’s CEO Geir Karlsen, said,


“The entire Norwegian team has contributed to the fact that we can now look back on one of the best quarters in the airline's 21-year history. I am very satisfied that we are delivering a strong financial result. At the same time, we are at the very top of Europe in operational operations, with good punctuality and a very low number of cancellations. We constantly receive good feedback that we are the company customers can trust, and that is something everyone at Norwegian is proud of. This summer we have also welcomed our travelers exclusively with our own planes and our own staff. This has meant that we have given our customers a good Norwegian experience throughout the journey. We are well prepared to handle the quieter winter period, and have, among other things, reduced capacity accordingly.


“Even though many are now affected by inflation and a high level of interest, our customers still continue to give a high priority to air travel. Ticket sales are, as expected, somewhat reduced in line with normal seasonal variations in demand. At the same time, we continue to attract an increasing number of leisure and business travelers across the Nordic region.”


Norwegian's Third Quarter 2023 Financial Results - Courtesy Norwegian Air Shuttle

Norwegian Air Shuttle was established in September 2002 with four domestic routes, and has since carried over 300 million passengers. The carrier is the largest Norwegian airline and currently employs approximately 4,500 team members. Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office in Fornebu. The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga. The carrier currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations. Norwegian aims to reduce CO2 emissions by 45 percent by 2050.



Source: Norwegian Air Shuttle/Mynewsdesk

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