·       Enter Air’s revenue increased 29.2% to reach PLN 633 million in H1 2019

·       EBITDA improved 341.2% to PLN 180 million from PLN 40.8 million the year before

·       PLN 81.9 million generated in operating profit and PLN 44.9 million in net profit

·       Start of business in Switzerland following the acquisition of a 49% stake in Chair Airlines

·       Dividend payout of PLN 0.7 per share in July 2019

“Another record-breaking period of excellent performance is behind us! Moreover, Enter Air’s results compare very favorably with the performance of the European Industry as a whole.  Our revenues improved as a result of an upsurge in demand for our services driven by market growth and poor the  standing of our local competitors. We also managed to boost  efficiency with our state-of-the-art operating model which, given the growing scale of our operations, provides us with the flexibility to use our resources in an increasingly better fashion. In this year’s summer season, we flew  25 aircraft, meaning that we have added 5 aircraft s compared to last year. Despite the recent turmoil, the tourist market continues to be robust, and demand for tourist travel services is growing unabated,” says Grzegorz Polaniecki, Management Board Member at Enter Air. “In fact, we have not been affected  by the turmoil at all!  Over the last 2,5 years, many of our competitors have overinvested and  as a  result , have departed the market removing more than 500 aircraft from the European skies. Enter Air, thanks to its conservative business model has slowly but carefully, taken a leading position among Europe’s charter airlines. As a carrier, we are a proven partner for our clients owing to our great operational excellence.  We  observe  the market carefully to tap into new opportunities for Enter Air’s further growth,” adds Grzegorz Polaniecki.

Enter Air’s revenues reached PLN 633 million in H1 2019, up 29% from PLN 490 million in the same period of 2018. Operating profit increased 84.2% to PLN 81.9 million. Net profit generated in the first 6 months of 2019 was PLN 44.9 million, up 191% from PLN 15.4 million in the same period of the previous year. In H1 2019, the carrier’s EBITDA was PLN 180 million, compared to PLN 40.8 million in the corresponding period of the previous year.

In May 2019, Enter Air became a strategic partner and shareholder with a 49% stake in the Swiss airline Chair Airlines. The value of the signed contract was USD 2 million. Chair Airlines’ fleet consists of 3 Airbus A319 aircraft. The carrier has been operating in European markets, Africa and the Middle East for five years.

To handle a fully contracted summer season, Enter Air uses 21 Boeing 737-800 aircraft along with 2 wet-leased Boeing 737-800s (from the Slovak airline Go2Sky) and 2 wet-leased Airbus A320s (from the Bulgarian company Electra). Enter Air’s fleet also includes 2 Boeing 737 MAX 8 planes delivered by the manufacturer in December 2018 and January 2019 which, due to air accidents involving such aircraft, have been temporarily grounded by Polish and European aviation authorities, along with all 737 MAX jets in the World until the reasons for the incidents have been identified and rectified. Once these aircraft are back in service again, Enter Air will apply to the manufacturer for compensation for the downtime of these machines.

Enter Air continues to implement its profit-sharing policy: in July 2019, a dividend of PLN 12.3 million, or PLN 0.7 per share, was paid out to the company’s shareholders.