Norwegian Air Soars to New Heights with Over NOK 2 Billion Profit in Q3 2023

Norwegian Air Soars to New Heights with Over NOK 2 Billion Profit in Q3 2023

Oslo, Norway – Norwegian Air Shuttle ASA, commonly known as Norwegian, has reported a staggering profit before tax (EBT) of NOK 2,050 million for the third quarter of 2023. This remarkable achievement marks the second-best quarterly result in the company's 21-year history, showcasing a robust operational and financial performance throughout the summer season.

Record-Breaking Operational Profit

The airline's operating profit (EBIT) reached an all-time high of NOK 2,170 million, translating to an EBIT margin of 25 percent. This is the highest operating profit for Norwegian since the third quarter of 2019, a period when the airline's fleet was nearly double its current size. The impressive EBT of NOK 2,050 million further underscores the company's financial resilience and strategic prowess in the aviation market.

A Surge in Passenger Numbers and Punctuality

Norwegian's passenger count climbed to 6.5 million in the quarter, a notable increase from 6.1 million in the same period last year. The airline also ramped up its capacity by 20 percent from the previous quarter, in anticipation of the summer travel surge, achieving a load factor of 87.4 percent. Notably, Norwegian has been recognized for its exceptional punctuality, with 80.1 percent of flights departing on schedule, and a regularity rate of 99.6 percent, the highest in nearly two years.

A Capital Structure Fit for Purpose

The airline's liquidity position has strengthened significantly, reaching NOK 9.4 billion. In line with its strategic financial planning, Norwegian also repaid the NAS13 bond, ensuring a robust capital structure to support its ongoing operations and future growth.

CEO's Vision for a Strong Winter Season

Geir Karlsen, CEO of Norwegian, expressed confidence in the airline's preparation for the winter season, highlighting the company's operational excellence and customer satisfaction. Norwegian's commitment to delivering a consistent and reliable service using its own crew and aircraft has solidified its reputation as a trustworthy airline in the competitive European market.

Strategic Moves for Future Growth

Looking ahead, Norwegian anticipates the acquisition of Widerøe and the launch of a joint loyalty platform with Strawberry, which will further enhance its position as a preferred travel partner in the Nordics. Despite the challenges posed by high inflation and interest rates, Norwegian continues to attract Nordic travelers for both leisure and corporate travel.

Fleet Expansion and Summer 2024 Outlook

With plans to increase its fleet to approximately 90 aircraft by the summer of 2024, Norwegian is gearing up for further expansion. The initial summer schedule is already available for booking, and the airline is set to announce additional routes to new destinations later this month.

Norwegian's strong performance in Q3 2023 is a testament to its strategic planning, operational efficiency, and customer-centric approach. As the airline prepares for the quieter winter trading period and looks forward to the summer of 2024, it remains a formidable player in the European aviation industry. For more information on Norwegian's financial performance and future plans, visit Norwegian Air's official website.