ASL Aviation reported losses halved to €15.2m in 2024 with a pre-tax profit of €9.3m before a €24.5m tax expense according to newly filed accounts.
Revenue reached just under €1.65bn compared to €1.45bn in 2023 driven partly by passenger operations sold earlier this month. The Dublin-based cargo operator manages over 150 aircraft including services for Amazon Prime Air in Europe and India using converted Boeing 737-800 jets.
Directors noted a return to normalised market conditions in 2024 after challenges in 2023 with long-term contracts mitigating supply chain and inflationary pressures. Geographical diversification continued through additions in Australia and Thailand plus a 26 per cent stake acquisition in India’s Quikjet Airlines for €353,000. Aircraft shortages persist due to Boeing and Airbus production issues delaying conversions.
A written statement from ASL directors shared “While there were ongoing supply chain issues being experienced across the industry, along with ongoing inflationary challenges, with ASL’s business being no different, the long-term contracted nature of a large proportion of revenue mitigated this. In addition, the pivoting of the long-haul business towards the longer-term contract structure created more consistency across the contribution base. Our biggest fleet is narrow bodies – the 737 types – and there just isn’t airplanes available. Those that are available, we still need to take them and convert them to make freighters and the price point has now become unsupportable.”
