Korean Air said Friday it had logged its highest-ever annual revenue in 2024, with operating profit in the fourth quarter increasing by nearly 160 percent on the heels of an ongoing recovery in air travel demand and increased cargo demand fueled by foreign e-commerce deliveries.
According to the national flag carrier, on a nonconsolidated basis revenue last year hit all-time high of 16.1 trillion won ($10.9 billion), up 10.6 percent year-on-year from 14.5 trillion won.
While its operating profit stood at 1.99 trillion won in 2024, up 22.5 percent from a year earlier, its net income surged 36.8 percent from 916.8 billion won to 1.25 trillion won.
The airline's financial performance was particularly notable in the fourth quarter, when its operating profit grew 159 percent on-year to 476.5 billion won, with net profit turning from a loss of 234.6 billion won to a profit of 283.3 billion won.
In the October-December period, the firm saw a 3 percent on-year decline in passenger business revenue to 2.37 trillion won, but maintained profitability by adjusting capacity and enhancing premium services, according to the company.
The cargo segment showed stronger performance in the quarter, with revenue increasing 9 percent to 1.19 trillion won on-year, driven by robust e-commerce demand from China and year-end retail activity.
“Korean Air aims to maximize revenue in passenger operations by maintaining capacity on high-demand routes and expanding charter flights,” the firm said in a statement. “In cargo operations, the airline plans to strengthen profitability through service diversification and dynamic capacity management, leveraging robust e-commerce-driven demand."
minmin@heraldcorp.com
