Korean Air Posts Record High Revenue of 16.1 Trillion Won Last Year

Sales Up 10.6% and Operating Profit Up 22.5% Year-on-Year

Korean Air recorded a turnaround to net profit in the fourth quarter of last year, along with achieving the highest annual sales ever.

Korean Air Boeing 787-9 aircraft is taking off. Photo by Korean Air

Korean Air announced on the 7th that its separate financial statements showed provisional figures of 16.1166 trillion KRW in annual sales and 1.9446 trillion KRW in operating profit for last year. These figures represent increases of 10.6% and 22.5% respectively compared to the previous year, with sales breaking the previous record of 14.5751 trillion KRW set in 2023. Net profit reached 1.2542 trillion KRW, up 36.8% from one year earlier.

Looking at the fourth quarter of last year alone, sales amounted to 4.0296 trillion KRW, marking only a 1% increase compared to the same period the previous year. By business segment, passenger sales decreased by 3% due to the global supply recovery trend, while cargo sales increased by 9%, driven by demand from China-based e-commerce and year-end consumption boosts. Meanwhile, operating profit (476.5 billion KRW) surged 159% compared to the same period last year. Net profit for the same period turned from a loss of 234.6 billion KRW to a profit of 283.3 billion KRW.

Korean Air expects steady demand on long-haul routes and a recovery in China route performance in the first quarter of this year. Accordingly, it plans to maintain supply on high-demand routes and expand charter flights to maximize revenue in the passenger business. The cargo business will focus on portfolio diversification and flexible supply management amid demand driven by e-commerce.

A Korean Air official stated, "Although business environment uncertainties are expected this year due to global political issues, we will strengthen our competitiveness as a global network airline through the integration preparation period with Asiana Airlines."

Korean Air completed the merger process with Asiana Airlines in December last year. From this year, Asiana Airlines’ performance will be recognized and reflected on a consolidated basis.