GetJet Airlines reports financial performance in 2023, with a 70% increase in revenue and 400% growth in profit
GetJet Airlines experienced remarkable financial performance in 2023, with a 70% increase in revenue to €176 million and a staggering 400% growth in profit to €28 million
Lithuanian aircraft leasing and charter company GetJet Airlines, owned by Alexander Celiadin's GetJet Aviation Holdings, has announced its financial results for 2023. The company saw significant growth, with EBITDA increasing over fourfold to €28.1 million (a 316% rise), net profit jumping 5.7 times higher than 2022 (469% growth), and revenue soaring by 70% to €176 million from €103.9 million.
As stated by GetJet executives, the recovery of the aviation market to pre-pandemic levels and the company's strategic emphasis on delivering premium service quality played a pivotal role in the growth of financial performance.
The market's recovery after the COVID-19 pandemic has marked increased demand for Aircraft, Crew, Maintenance, and Insurance (ACMI) services. "The demand for flights was on the rise; however, not all airlines were able to swiftly restore their capacity due to shortages in aircraft, crews, and other resources. Consequently, our services emerged as an appealing solution for airlines aiming to promptly and efficiently address the heightened demand for flights," said Rūta Kulvinskaitė, the CEO of GetJet Airlines.
According to Darius Viltrakis, head of GetJet Aviation Holdings, one of the main reasons for such revenue growth was the return to the optimal size of the company's operations. "First of all, I should emphasize that the company's operations and fleet size have returned to the optimal level they were before COVID-19. In 2023, we carried almost 1.5 million passengers. Our fleet currently consists of 16 aircraft, including Boeing 737-800, Airbus A320, and A321 aircraft. This composition strengthens our readiness to work with a wider customer base around the world and, along with the size of the aircraft fleet, is the most effective for our strategy, which is focused on flexibility and adaptation to customer needs," he said.
High profitability: the success of the premium service strategy
The profitability indicator of GetJet Airlines achieved in 2023 stands out strongly in the general context of aviation. According to the International Air Transport Association (IATA), the average EBIT margin of aviation market players was 4.5%. In the same period, the EBIT margin indicator of GetJet Airlines was almost 4 times higher at 15.9%.
Rūta Kulvinskaitė attributes this success to their deliberate strategy. "We do not compete with size but offer exceptional quality service. When you are very big, you cannot be flexible and fast. Our focus is on flexibility and providing the highest quality services tailored to meet the specific needs of our clientele. Our target customers can pay more for premium services. We have already secured a loyal base of customers, such as Vueling, Transavia, and Wizzair. This is a great appreciation for the quality of our services," said Kulvinskaitė.
According to the executives, a strong company team is most important for ensuring the quality of services. "I can confidently say that in Vilnius, we have assembled the strongest team of aviation specialists in Europe. The exceptional professionalism of our crews and the high quality of services provided have garnered worldwide acclaim, so we are confidently establishing our position as a reliable partner offering premium service quality," said Viltrakis.
The company has also implemented a digitization strategy to perform its services even more efficiently. "This has significantly improved the quality of customer service and increased operational efficiency. We have even smoother flight planning, more efficient aircraft maintenance, and a faster response to customer needs than ever before," Viltrakis said.
GetJet Airlines representatives emphasize their commitment to maintaining high profitability and expanding their premium-class services.