Financial turbulence: how the war has changed the profits and losses of Ukrainian airlines

Some Ukrainian airlines have suffered billions of dollars in losses due to the full-scale war, while others have managed to adapt and even turn a profit. Find out how the financial capabilities of air carriers changed in 2022-2024, who switched to new operating models, and who continues to suffer losses

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Ukrainian airlines have undergone significant changes in their operations due to the full-scale war. This is evidenced by a study by Slovo i Dilo.

According to the data, in 2024, airlines carried 480 thousand passengers and 31.4 thousand tons of cargo. For comparison, in 2022, 980 thousand passengers and 64.1 thousand tons of cargo were transported, and in 2023, 422.1 thousand passengers and 42.7 thousand tons of cargo were transported. These figures indicate a gradual recovery in air transportation, although they are still far from pre-war levels.

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Passenger traffic and financial results of airlines

Wind Rose

Wind Rose Airlines suffered the largest losses in 2022 - UAH 1.6 billion. However, in 2023, it reduced the loss to UAH 750.5 million, and in the first three quarters of 2024 - to UAH 553 million. The company currently operates flights from Moldova and Montenegro.

SkyUp

In 2022, SkyUp suffered a loss of UAH 596.7 million. However, due to the transition to a wet leasing model, when aircraft are leased together with the crew, the company made a profit. In 2023, SkyUp earned UAH 305.1 million in profit, and in the first three quarters of 2024 - UAH 137 million. In the spring of 2024, SkyUp plans to resume regular flights from Chisinau to European cities.

Skyline Express

Skyline Express suffered losses of UAH 464.7 million in the first year of the war. However, in 2023, it managed to reduce them to UAH 25.4 million, and in the first three quarters of 2024, it made a profit of UAH 171.2 million. The company operates flights from Poland and the Baltic countries to seaside resorts.

Constanta

In 2022, the charter airline Constanta made a small profit of UAH 0.3 million, but in 2023 it suffered a loss of UAH 20.9 million. In the first three quarters of 2024, the company managed to make a profit of UAH 25.1 million.

Ukrainian Helicopters

In 2022 and 2023, Ukrainian Helicopters made a profit of UAH 94.3 million and UAH 55.1 million, respectively. However, in the first three quarters of 2024, it suffered a loss of UAH 73.5 million.

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Cargo transportation: who was in the black

CAVOK Air

CAVOK Air managed to restore its financial performance. In 2022, the company suffered a loss of UAH 32.5 million, but in 2023 it made a profit of UAH 47.7 million, and in 2024 it received UAH 21.8 million in profit.

Ukraine Air Alliance

This company continued to operate steadily. In 2022, its profit amounted to UAH 0.5 million, in 2023 - UAH 1.4 million, and for the three quarters of 2024 - UAH 1.9 million.

Antonov Airlines

Antonov Airlines has become one of the most successful airlines in cargo transportation. In 2022, it made a profit of UAH 654 million, and in 2023 - almost UAH 3 billion. The company's main activity is now research and development in the field of natural and technical sciences.

The full-scale war has dramatically changed the air transportation market in Ukraine. Many companies have suffered significant losses, but some have managed to adapt and even become profitable. Cargo transportation has been particularly successful, while passenger transportation is gradually recovering due to a focus on international routes.

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