German low-cost airline Eurowings reported a historic profit of 205 million euros in adjusted EBIT for 2023, marking a remarkable turnaround from the 197 million euro loss it incurred the previous year.
This record result can be attributed to the airline’s strategic restructuring efforts and robust travel demand following the COVID-19 pandemic.
The key driver behind Eurowings’ financial success was its significant expansion into the tourism sector. By capitalizing on the pent-up desire for travel after the pandemic years, the airline increased its revenue by an impressive 40% to approximately 2.6 billion euros.
Eurowings benefited greatly from the record-breaking summer season, particularly in its operations to the popular Spanish island of Mallorca.
Kai Duve, Eurowings Chief Financial Officer, comments:
The financial turnaround is not only a historic milestone for Eurowings, but first and foremost a strong team effort by our 5,000 employees, which deserves the highest recognition. We can see that our reorganization as a value airline for Europe is succeeding.
Eurowings’ growing presence in Mallorca has been a significant contributor to its success. The airline now operates a base on the island, connecting it with 26 airports across Germany, Austria, Switzerland, Sweden, and the Czech Republic.
For the upcoming summer season, Eurowings will offer more than 400 weekly flights to and from Palma de Mallorca, setting a new record.
In addition to Mallorca, popular destinations in Greece, Italy, and Spain remain in high demand among Eurowings’ customers.
With over 150 destinations in its route network, the airline is well-positioned to cater to the diverse travel needs of European leisure travelers.
More flights to the Gulf region
After the successful launch of its Dubai route, Eurowings is now doubling its services to the Gulf region.
The Berlin-Dubai route has become the airline’s most successful winter route in 2023/24.
Starting in October 2024, Eurowings will operate daily flights from Berlin to Dubai, up from four times a week, and increase its Stuttgart-Dubai service to three times a week, up from twice a week.
Jens Bischof, Eurowings Chief Executive Officer, said:
With attractive daily flight times, best prices starting at 179 euros and fast direct connections from Stuttgart and Berlin, we have already won over many customers. This success is motivating us to significantly increase frequencies next winter.
Eurowings is also expanding its medium-haul portfolio to the Gulf region by introducing a new destination in Saudi Arabia. The Red Sea port city of Jeddah will be served three times a week from Berlin and Cologne starting in the winter of 2024/25.
Looking ahead, Eurowings plans to continue expanding its tourism sector and bring more flights to Europe and the Gulf region in 2024, building on the momentum of its successful turnaround.
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