Dublin based Avia Solutions Group, the world’s largest ACMI (aircraft leasing, crew, maintenance, and insurance) firm, reported earnings of €316m in Q3 2023. This represents an increase of 31pc compared to the previous year.
Revenue for the same period rose to €1.64bn, a 22pc increase. Avia Solutions Group attributes this growth to the substantial demand for ACMI services worldwide.
The company, headquartered in Dublin after moving from Lithuania, serves major clients such as Lufthansa, Turkish Airlines, Wizzair, Ryanair, and SAS. It owns subsidiaries including SmartLynx Airlines, Avion Express, BBN Airlines, Klasjet, and Magma Aviation.
In Q3, 69pc of Avia Solutions Group’s revenue came from Europe, while 19pc came from Asia. The company plans to expand further in the Asia-Pacific region and has established new companies in Thailand and Indonesia.
Avia Solutions Group is also expanding its presence in South America and making significant investments in maintenance, repair, and overhaul (MRO) infrastructure. They are constructing maintenance hangars in the Dominican Republic and Bali, and have established an ACMI airline in Brazil.
Avia Solutions Group freed up approximately €1.5bn in capital this year, which could potentially be distributed to shareholders.
