Luxair carried 2.05m passengers in 2022, almost as many as in 2019 and twice as many as in 2021. Photo: Shutterstock

Luxair carried 2.05m passengers in 2022, almost as many as in 2019 and twice as many as in 2021. Photo: Shutterstock

Luxair ended 2022 with a consolidated net profit of €493m, an operating profit of €1.5m and a turnover of €658m. These levels are higher than in the previous three years. Passenger numbers have doubled in one year and are now almost back to 2019 levels.

After two years marked by the pandemic, 2022 marked the return to profit for Luxair Group. The airline recorded a non-consolidated net result of €67m, according to its annual report, published on Wednesday 10 May. This figure had fallen to -€2.3m in 2021 and -€154.9m in 2020. It is even well above that of 2019, which was €8.072m, a decrease at the time.

If we look at the consolidated net result, it amounts to €493m compared to €337m in 2021 and €78m in 2020. The net result for 2019 was announced at -€4.4m in Luxair’s annual report.

Its consolidated operating profit reached €1.5m, compared to an operating loss of €30.7m in 2021, €151m in 2020 and €2.6m in 2019.

Turnover increased from €457m to €658m in one year, surpassing the €614m in 2019.

Twice as many passengers in one year

The financial data is better than in 2019. However, despite a strong recovery, we are not (yet) there in terms of passenger numbers. It has doubled since 2021 to reach 2.05m in total: 1.2m for Luxair Luxembourg Airlines and 850,000 for LuxairTours. The company carried a total of 2.15m passengers in 2019 and 2.13m in 2018.

The preferred destinations for Luxair Airlines were France, Portugal and Italy while on the package tour side, customers preferred the Balearic Islands, followed by the Canary Islands and mainland Spain. Over 28,000 flights were operated, compared to 15,000 in 2021.

-13% for cargo

Unlike tourism, cargo jumped during the covid crisis, with a record 1,124,652 tonnes transported in 2021. This figure decreased by 13% in 2022 to 995,000 tonnes, but is still greater than in 2019 and 2020. Luxair explains this by “a drop in air freight in Europe in urgent transport linked to the pandemic” as well as “the increase in petroleum products or the consequences of the war in Ukraine.”

The “catering” service carried out more than 2.2m services compared to 1.3m in 2021. LuxairServices’ teams ended the year with 24,125 rotations assisted by its teams at Luxembourg airport, i.e., “+94% of passengers assisted in one year.”

The group has a total of 3,118 employees. It sees 2022 as a year of “recovery and expansion.” It was also the , to Paris-Le Bourget, on 31 March 1962. 60 years later, its portfolio has reached “for the first time in its history a total of 90” destinations--its website shows 86 as of 10 May 2023, including Luxembourg.

Fears for 2023

Despite the “encouraging recovery,” the company is “cautious” in its forecasts for 2023. “Fears of inflation, risks of economic recession as well as geopolitical tensions currently affecting all of Europe are also impacting Luxair’s activities.” However, the company says it will continue to work “to maintain and secure its operations, focusing its efforts on developing and expanding its portfolio of destinations in Europe and beyond, thus responding to the strong desire of travellers to escape.”

Added to this are the challenges of renewing its fleet----and reducing its environmental footprint. Not to mention the that led to the . In February, its CEO indicated that discussions were still ongoing and behind closed doors. Contacted for an update, he did not wish to “comment in this context.”

This story was first published in French on . It has been translated and edited for Delano.