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SAS Reports Fiscal Third Quarter 2023 Net Profit of $42.1 Million or $0.006 per Common Share

SAS has reported a fiscal third quarter net profit of SEK 461 million (US $42.1 million) or SEK 0.06 per common share (US $0.006) on a 54 percent year-over-year increase in revenue to SEK 13.2 billion (US $1.2 billion).

SAS Airbus A321neo - Courtesy Airbus

On Friday (September 1, 2023), SAS reported their fiscal third quarter 2023 financial results for the period ending July 31, 2023. The carrier reported a third quarter net profit of SEK 461 million (US $42.1 million) or SEK 0.06 per common share (US $0.006)/share on a year-over-year increase in revenue of 54 percent to SEK 13.2 billion (US $1.2 billion). At July 31, 2023, the carrier had a cash balance of SEK 6.5 billion (US $593 million). During the fiscal third quarter, SAS’ number of passengers increased 42.5 percent compared to the same period last year, which was impacted by a pilot strike, while load factor increased 3.7 percent year-over-year to 81.5 percent.

In Friday’s announcement, SAS’ President and CEO, Anko van der Werff, said,

“I am pleased to conclude a busy summer quarter. Almost 7 million passengers traveled with SAS during the third quarter, the highest quarterly passenger figure since before the pandemic. For the first time since 2019, we also posted a quarterly profit. This is an important milestone. We still have a lot of work ahead of us with our transformation to secure long-term competitiveness, but I consider this a clear sign that we are on the right track and that our efforts are paying off. We continue our ramp-up and will increase capacity this winter, compared to the same period last year. We also noted strong ticket sales throughout the third quarter, indicating a healthy underlying demand for travel despite a more uncertain economic outlook in society as a whole.

SAS' Fiscal Third Quarter 2023 Financial Results - Courtesy SAS

“During the quarter, air traffic control capacity issues caused considerable problems for airlines, airports and, not the least, our passengers. We know that many passengers traveling through Copenhagen Airport during the summer have been impacted and our employees have been working hard to support those affected.

“We are making progress in our Chapter 11 process in the US and in reaching our overall targets in the SAS FORWARD plan. During the quarter, we started a competitive and broad equity solicitation process to secure capital that will help drive our airline forward and facilitate our emergence from the Chapter 11 process. There has been substantial interest from potential investors to participate in the process, where potential investors can place bids to take a lead position or be paired with other investors in acquiring equity interests of the reorganized company.”

SAS is the leading airline in Scandinavia, typically carrying over 30 million passengers annually from its main hubs in Copenhagen, Oslo and Stockholm to destinations in Europe, the U.S. and Asia. The company has targeted a reduction in carbon emissions by 25 percent by 2025, compared to 2005 levels, and hopes to transition to 100% biofuel for domestic flights by 2030. SAS also offers ground handling services, technical maintenance and cargo services. The carrier is a founding member of the Star Alliance, which celebrated their 25th anniversary in 2022.

Source: SAS/Cision


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