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Wizz Air Reports FY 2024 Net Profit of €365.9 Million

Wizz Air has today reported a full fiscal year 2024 net profit of €365.9 million on a year-over-year increase in revenue of 30.2 percent to €5.1 billion.  At March 31, 2024, Wizz Air Holdings had cash and cash equivalents totaling €728.4 million.


Wizz Air Abu Dhabi Airbus A321neo - Courtesy Airbus

On Thursday (May 23, 2024), Wizz Air Holdings PLC reported their full fiscal year financial results for the period ending March 31, 2024.  The carrier reported a FY 2024 net profit of €365.9 million on a 30.2 percent year-over-year increase in revenue to €5.1 billion.  Wizz Air’s full year revenue per available seat kilometer (RASK) increased 4.6 percent versus FY 2023 to 4.17 euro cents, while costs per available seat kilometer (CASK) declined to 3.90 euro cents, down from 4.58 euro cents in the previous fiscal year.  Costs excluding fuel (CASK-ex) declined 7.8 percent year-over year to 2.38 euro cents.  At March 31, 2024, Wizz air had cash and cash equivalents totaling €728.4 million, and total net debt of €4.79 billion.    


In Thursday’s announcement, Wizz Air’s Chief Executive Officer, József Váradi, said,

 

Sustained healthy demand for air travel across our markets was a defining feature of F24, signalling that the surge witnessed post pandemic has evolved into a longer-term trend in consumer behaviour.  Wizz Air has been strongly positioned for this trend as reflected in our performance for the year.  We placed a sharp focus on increasing utilisation, improving load factors and lowering unit costs (fuel and ex-fuel), and continued to invest in our operations. Our efforts saw us carry a record number of passengers during the year, return to profitability and reduce financial leverage while maintaining our total cash position. 


“We responded rapidly to challenges during the year by flexing resources and commercial arrangements, and quickly redeploying capacity where needed, as renewed geopolitical instability emerged.  We also faced unprecedented supply chain disruption due to mandatory engine material inspections affecting our neo aircraft fleet.  Despite these challenges, our 8,000-strong workforce delivered an exceptional service, reflected across operational, financial and people metrics. I would like to thank each one of our employees for embodying the WIZZ spirit through their perseverance, dedication, passion and commitment in F24.”


Wizz Air's FY 2024 Financial Results - Courtesy Wiz Air

As of May 17, 2024, Wizz Air has 47 grounded aircraft due to GTF engine related issues.  The carrier expects that around 50 aircraft will be grounded by the end of H1 FY 2025.  Based on the expected shop visit time required to return the engines to service, Wizz expects to complete the necessary maintenance work in approximately 300 days.  The company has also advanced the delivery of spare engines, and expects to receive an additional 8-10 engines, most of which should be delivered by June 2024.

 

During FY 2024, Wizz Air took delivery of 39 new Airbus A321neos, and redelivered 12 A320ceos.  The carrier ended the period with a total fleet of 208 aircraft, including 40 Airbus A320ceos, 41 A321ceos, six A320neos and 121 A321neos.  The new aircraft delivered during the fiscal year were financed via 30 sale-and-leaseback transactions and nine Japanese Operating Leases with Call Options (JOLCOs).  Wizz Air’s average fleet age is 4.3 years, the youngest among major European airlines.  At March 31, 2024, the carrier’s delivery backlog included firm orders for 13 A320neos, 266 A321neos, and 47 A321XLRs for a total of 326 aircraft.


Budapest, Hungary-based Wizz Air is the fastest growing European ultra-low-cost carrier (ULCC) and operates an all Airbus A320 and A321 fleet of 210 aircraft.  Wizz Air is the largest ULCC in Central and Eastern Europe and serves over 1,100 routes to/from 50 countries.  During FY 2024, ending March 31, 2024, Wizz carried 62 million guests.  Wizz Air offers superior guest service at exceptionally low fares.  Shares in the company trade on the London Stock Exchange under the ticker symbol WIZZ.



Source: Wizz Air

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