05.11.2021: Ukraine International Airlines (UIA) consolidated net profit of UAH 1.08 billion over the first 9 months of 2021. At the same time, EBITDA was recorded at UAH 2.7 billion.
This effect is primarily due to the high seasonality of air traffic during the 3rd quarter of 2021 and the fact that its financial results is always higher than in other quarters. Objectively, the summer of 2021 was a period of intensification of passenger air traffic compared to 2020, which was assisted with the slacken vaccination pace and mitigation of quarantine requirements for tourists in different countries.
However, in addition to a significant seasonal factor, a number of other economic factors had a decisive influence on the positive effect of the 3rd quarter. These include the strengthening of the hryvnia against the dollar during this period (the NBU hryvnia exchange rate against the US dollar strengthened from UAH 27.18 / USD at the beginning of the quarter to UAH 26.58 / USD at the end of the quarter), as well as the restructuring of UIA debts to contractors.
At the same time, UIA continues to work systematically refunding canceled flights due to the Covid-19 pandemic. In particular, in 10 months of 2021, the airline returned more than 32 million USD to passengers. In total, during the entire period of work in crisis conditions during the pandemic from April 2020 to October 31, 2021, the company provided a return of more than 56 million USD.
The airline continues to closely monitor the development of the epidemiological situation and the rules of border crossing in each country to which it operates. In addition, UIA reminds of its readiness for further resumption of flights, taking into account the positive epidemiological indicators and subject to obtaining permits to operate flights.
UIA strongly advises to monitor the rules of border crossing and carefully read the information on the epidemiological restrictionsof a destination country.