Korean Air reported a record-breaking revenue of 16.1166 trillion won last year, marking the highest ever in its history and achieving record-breaking figures for three consecutive years. The operating profit rose by 22.5% to 1.9446 trillion won compared to the same period last year. Although the figure did not surpass the all-time high of 2.8836 trillion won recorded in 2022, the operating profit margin reached 12%.
Korean Air analyzed that the results were due to the recovery in passenger demand post-COVID-19, leading to an increase in seat supply, particularly for international routes, and proactive measures to respond to growing demand in the air freight sector. According to air transport statistics from the Ministry of Land, Infrastructure and Transport, the number of international passengers on Korean Air last year was 17,694,010, a 26.5% increase from the previous year. International cargo transport volume increased by 9.5% to 1,604,858 tons.
Despite concerns over the impact of high exchange rates, the company reportedly minimized damage by settling various costs in local currencies or diversifying to secure aviation fuel.
Korean Air stated, “This year, we anticipate uncertainties in our business environment due to changes in the global political landscape. However, we are planning to enhance our competitiveness as a global network airline by preparing for integration with Asiana Airlines.”