First Profit for Air Premia, Operating Profit of 18.6 Billion KRW Last Year

This Year's Sales Target: 500 Billion KRW

Air Premia, a hybrid airline operating mainly long-haul routes to the United States and Europe, has achieved an annual profit for the first time since its establishment.

On the 3rd, Air Premia announced that it recorded KRW 375.1 billion in sales and KRW 18.6 billion in operating profit last year on a separate basis. Sales increased by 605% compared to the previous year, setting an all-time high record, and operating profit also turned positive for the first time.

The company explained that the growth in performance was mainly due to increased passenger demand as the COVID-19 situation ended and the stable operation of its cargo business. It added that securing competitiveness on long-haul routes to the United States and Europe also contributed.

Previously, Air Premia flexibly operated regular routes such as Los Angeles (LA) and New York in the United States, as well as charter routes like Barcelona in Spain, carrying approximately 671,500 passengers. It transported 47.4% of total passengers on highly profitable long-haul routes. The cargo business using Valley Cargo also saw 80% of its sales from long-haul routes to the Americas and Europe.

Park Kwang-eun, Chief Strategy and Finance Officer of Air Premia, said, "We overcame various variables such as soaring oil prices and exchange rates to achieve our first profit turnaround since establishment. This year, we aim to reach KRW 500 billion in sales through additional aircraft acquisitions and route diversification, establishing ourselves as a mid-sized airline."