Airline passengers, revenues to hit record highs in 2024

DUBAI, United Arab Emirates — Airlines are expecting to fly nearly five billion passengers in 2024, a new record beating the pre-COVID pandemic high, trade industry association IATA said on Monday.

IATA also said it expected the world’s airlines to post $30 billion in net earnings this year, up from its previous estimate of $25.7 billion.

The expected profit “is a great achievement considering the recent deep pandemic losses”, IATA director general Willie Walsh told the trade body’s annual general meeting in Dubai.

“Without a doubt, aviation is vital to the ambitions and prosperity of individuals and economies. Strengthening airline profitability and growing financial resilience is important,” he added.

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The airline industry’s total revenues are expected to rise nearly 10 percent to $996 billion this year, another record high, IATA said.

The industry body, which includes more than 300 airlines accounting for 83 percent of global traffic, is holding its 80th AGM in the United Arab Emirates financial hub.

Despite the strong figures, airlines are also facing a sharp rise in costs due to shortages of parts and labor and challenges related to climate change.

Their total expenses are also expected to hit a record high this year, climbing 9.4 percent to $936 billion, IATA said.