The International Air Transport Association (IATA) yesterday announced strengthened profitability projections for airlines in 2024, saying total revenues are expected to reach $996 billion (+9.7%) in 2024—a record high.
This was announced at the Annual General Meeting of the association representing some 330 airlines comprising over 80% of global air traffic.
The association also stated that total expenses are expected to reach $936 billion (+9.4%) in 2024, which is a record high while total travellers are expected to reach 4.96 billion in 2024—a record high, adding that operating profits are expected to reach $59.9 billion in 2024, up from an estimated $52.2 billion.
Also, the total air cargo volumes are expected to reach 62 million tonnes in 2024.
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But while all regions are projected to record increased profit, IATA noted that the African region “Has a high operational cost base and a low propensity to spend on air travel.
“Moreover, connectivity challenges dampen the industry’s expansion and performance. Despite these headwinds, there is sustained demand for air travel, which should allow the market to deliver a second year of profitability,” the report said.
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