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Korean Air posts record 2024 revenue, Q4 profit soars

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(Photo: Korean Air)

Korean Air announced tentative financial results for the fourth quarter and full year of 2024, reporting record-high annual revenue and a substantial increase in Q4 operating profit. The airline cited strong passenger demand, particularly for winter tourism, and sustained e-commerce growth as key drivers of its performance.

For the full year 2024, Korean Air reported revenue of KRW 16.1166 trillion (USD 10.9637 billion), a 10.6% increase year-on-year. Operating profit for the year reached KRW 1.9446 trillion (USD 1.3229 billion), up 22.5% from 2023.

In the fourth quarter, the airline saw its operating profit surge by 159% year-on-year, reaching KRW 476.5 billion (USD 324.1 million). Korean Air also returned to net profitability in Q4, with a net income of KRW 283.3 billion (USD 192.7 million), a significant turnaround from a net loss in the same period of 2023.

The airline’s Q4 passenger business revenue totaled KRW 2.3746 trillion, a slight 3% decrease year-on-year. Korean air attributed this to the “ongoing recovery in global supply chains,” while it also maintained stable profitability by increasing capacity on routes experiencing high demand.

Cargo revenue for Q4 increased by 9% year-on-year, reaching KRW 1.1980 trillion. The airline attributed this growth to stable cargo volumes, supported by “sustained e-commerce demand from China and seasonal year-end retail surge.”

Looking ahead to Q1 2025, Korean Air plans to maximize passenger revenue by maintaining capacity on high-demand routes and expanding charter flights. The airline anticipates continued long-haul demand and a recovery in the China market. For cargo operations, the airline intends to focus on service diversification and dynamic capacity management.

The airline acknowledged potential uncertainties in the business environment for 2025, citing “shifts in the global political landscape.” Korean Air stated it is strategically preparing for its integration with Asiana Airlines.

Written by
Dirk Andrei Salcedo

Dirk is the founder and editor-in-chief of Aviation Updates Philippines (AUP), a platform dedicated to providing the latest news and insights on the aviation industry in the Philippines. With a strong passion for aviation and a background in computer engineering, he manages all aspects of AUP, from website development to content curation.

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