LOT Polish Airlines, the flag carrier of Poland, reported a profit of $28 million in 2022. This was the airline’s first profit in five years.
The airline issued this report:
The General Shareholders Meeting of LOT Polish Airlines approved the Company’s financial statement for 2022. Last year witnessed LOT Polish Airlines generating over PLN 113.7 million in profit with revenues exceeding PLN 8.3 billion, whereas LOT Cargo generated a record-breaking PLN 755 million in revenue. This means a return to the path of profitable development that was rendered possible through a gradually implemented commercial and operational strategy.
The indicators achieved by LOT in 2022 allow us to be optimistic about the development potential of the company. The aircraft of the National Carrier handled over 90,000 flights, carrying nearly 8 million passengers on board, and the Load Factor (the seat occupancy rate) exceeded 80%.“The data we’re publishing is the culmination of the enormous work and commitment exercised by the entire PLL LOT team. Passengers, business customers and LOT’s commercial partners – all are at the centre of our attention. And the company’s financial results are a testimony to the fact that we know how to address their expectations properly. Furthermore, they allow us to be cautiously optimistic about the perspective of repayment of liabilities resulting from state aid and the accomplishment of our ambitious development assumptions”, said Michał Fijoł, President of the Management Board of LOT Polish Airlines. “LOT is profitable, LOT is hospitable, and LOT is punctual”, added President Fijoł, presenting the Cirium ranking, which shows that the Polish Carrier has regularly been among the top three most punctual airlines in Europe in recent months.
It’s worthwhile to remind you that LOT Polish Airlines is also one of the airlines that has been most affected by the war in Ukraine. The war has resulted in 11 connections operated by LOT being cancelled. Given the need to bypass the zone affected by the conflict, long-haul flights to Asia, depending on the route, have been extended by more than 2 hours. The Company is also recovering from a period of restrictions and suspended operations in the wake of COVID-19 – the pandemic triggered the most severe crisis in the history of civil aviation.LOT Polish Airlines is a modern carrier connecting Central and Eastern Europe with the rest of the world. LOT’s offer includes direct long-haul flights to airports in the United States, Canada, China, Japan and South Korea.
The Polish carrier has been consistently increasing the number of its flights to those destinations, thus strengthening and maintaining its integral position in Central and Eastern Europe. Long haul flights are operated by the Boeing 787 Dreamliners – one of the most advanced wide-body aircraft in the world. The Polish Carrier has been present in the sky since 1929. It’s the world’s 12th oldest airline and one of the most internationally recognisable Polish brands.