Avianca Group Announces First Quarter 2024 Financial Results

MIAMI, Fla., April 30, 2024 – Avianca Group International Limited affiliated passenger airlines (“AGIL”, “the Group” or “the Company”) today reported its first quarter 2024 results. Avianca’s capacity increased by 26.1% year-over-year, with a robust load factor of 81.4%, 1.2 percentage points higher than first quarter 2023, and a 37.5% increase in transported passengers, reaching 9.3 million. The Company posted $272 million in EBITDAR at a 21.5% margin during first quarter 2024, 16.3% ahead of the same period in 2023. For the period, Net Income was $13 million.

“We remain committed to transporting our customers to more destinations in an affordable way,” said Frederico Pedreira, Avianca’s Chief Executive Officer. “In the first quarter, we introduced a new, more simplified and flexible fare scheme that allows our customers to fly according to their needs, and we continued to expand our network and improve our connectivity with the launch of new routes, including the reopening of Bogota-Paris, after 20 years, as well as Bogota-Montreal. We achieved this while delivering solid operating results, demonstrating our commitment to transporting our clients safely, on time and with their baggage. For all the achievements, I would like to thank our team for their commitment and the outstanding work they continue to do”.

First Quarter 2024 Highlights 

  • Consolidated capacity, measured in Available Seat Kilometers (ASK), reached 15,135 million in the first quarter of 2024; a 26.1% increase relative to first quarter 2023. The Group transported 9.3 million passengers during the period, representing a 37.5% increase over the same period in 2023.
  • Total operating revenues in the first quarter of 2024 reached $1,265 million; a 16.4% increase over the same period in 2023, while total operating expenses were $1,131 million, a 15.2% increase over the same period in 2023, in spite of a 26.1% capacity increase.
  • EBITDAR was $272 million in the first quarter of 2024, at a 21.5% margin, while Net Income for the period was $13 million.
  • Our cash balance was $971 million at March 31, 2024.
  • Passenger revenues were $1,013 million for the first quarter of 2024, reflecting a 22.2% increase relative to first quarter 2023. This increase is a result of the Company’s continued efforts to make flying more accessible to a broader range of passengers.
  • Cargo, Loyalty and other revenues for the first quarter of 2024 were $252 million. Quarterly LifeMiles Cash EBITDA increased 15.3% relative to first quarter 2023, reaching $36 million. Cargo revenues during the period were $152 million, an 8.3% decrease relative to first quarter 2023 due to continued market softening and industry freighter capacity remaining above prepandemic levels. However, Cargo revenues were ahead of Business Plan. 
  • Net Debt to last-twelve-month EBITDAR was 3.2x.
  • Passenger Costs per Available Seat Kilometer excluding fuel (PAX CASK ex-fuel) in the first quarter of 2024 was $4.1 cents.
  • We ended the first quarter of 2024 with an operating passenger fleet comprised of 141 aircraft: 128 Airbus 320 family aircraft, and 13 Boeing 787s.
  • Avianca reintroduced Business Class service on the Narrowbody operation from Bogota to 11 destinations in the Americas: Chile, São Paulo, Buenos Aires, Montevideo, Río de Janeiro, Miami, Washington, New York, Boston, Toronto, and Mexico City. The service will be available starting July 1st.
  • Avianca resumed the Bogota-Caracas route, and announced 5 new routes from Medellin to Buenos Aires, Santiago, and Lima; and from Bogota to Montreal, and Paris. In the first quarter of 2024, our network consisted of 150 routes connecting 76 destinations.
  • Avianca’s first reconfigured B787 started operations the third week of April, with number of seats increased from 250 to 291. offering 16.4% additional cabin capacity. We are on track to complete the reconfiguration of our remaining 12 widebody aircraft this year.
  • Avianca Cargo continued to lead the flower market from Colombia to the US during Valentine’s season, transporting ∼18,000 tons of flowers in over 300 cargo flights from Colombia and Ecuador, while further strengthening its competitive position within the region.
  • Also, Avianca Cargo won the ESG Award during the Aviation Achievement Awards 2024, reflecting its commitment to sustainability.
  • LifeMiles announced new policies that make it easier for customers to qualify for Elite status.
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