Summary
- Air Canada reported strong financial performance in 2023, with operating revenues of $21.8 billion.
- The carrier expanded its fleet, launched 14 recent routes, and added 8,000 recent employees.
- Air Canada’s CEO commended the airline’s performance and emphasized its commitment to sustainability and inclusivity.
On March 16, Canadian flag carrier Air Canada issued its 2023 annual report, demonstrating its quite a few achievements throughout the past calendar yr. While one might expect the report to incorporate traditional financial performance statistics, this document went far beyond that with an entire evaluation of the carrier’s progress toward achieving several strategic initiatives.
Throughout 2023, Air Canada safely carried over 45 million passengers, which helped the airline, alongside its regional, low-cost, cargo, and charter subsidiaries, record full-year operating incomes of $2.3 billion, which got here alongside a record operating revenue of $21.8 billion. With these numbers in mind, it’s secure to say that the carrier is performing well financially and continues to supply solid returns for investors.
The carrier has also continued to grow throughout the last yr, with fourteen recent routes launched, bringing the airline’s total variety of destinations served to 188. In this text, we’ll take a deeper take a look at Air Canada’s 2023 annual report and where the airline stands 1 / 4 of the way in which through 2024.
Impressive achievements
The airline’s financial performance surpasses just performing well in just a few specific categories. Based on the report, which may be viewed on the Investor Relations page of the Air Canada website, the airline’s adjusted EBITDA (a measure of earnings) greater than doubled to $4 billion.
Photo: The Global Guy | Shutterstock
The carrier further generated an operating money flow of $4.3 billion and maintained a free money flow of nearly $2.8 billion while significantly lowering its leverage ratio, a vital measure of the corporate’s total debt.
The airline’s fleet grew significantly, with Air Canada receiving 18 Boeing 787-10 Dreamliners and five 737 MAX 9 jets, all widely known for his or her impressive fuel efficiency. The workforce also grew, with 8,000 recent employees, totaling 39,000 people company-wide.
Photo: Wirestock Creators | Shutterstock
The corporate, in total, spent $1.6 billion on capital investments, including recent lounges, modernized aircraft, and updated technologies and control systems to forestall delays and potential Southwest-style meltdowns.
![Air Canada Rouge A320 On Approach](https://static1.simpleflyingimages.com/wordpress/wp-content/uploads/2024/01/rouge-a320-3.jpg)
Air Canada Vs Air Canada Rouge – What’s The Difference?
Air Canada Rouge is Air Canada’s low-cost carrier serving numerous leisure routes mostly in North America.
Something to have fun
Air Canada’s leadership team was undeniably excited by the discharge of the annual report, commemorating many vital steps taken by the airline throughout 2023. In a press release, Michael Rousseau, the airline’s President and CEO, had the next words to share:
“Air Canada delivered very strong leads to 2023. We met key financial objectives and advanced or exceeded most of our strategic and operational goals for the yr, demonstrating our ability to perform consistently.”
The chief was quick to tout the airline’s modern fuel-efficient fleet for being a key catalyst for cost reduction and likewise indicated that an expanded network and increased product offerings have helped attract more customers. Rousseau was also excited to debate the variety of expanded environmental, social, and governance (ESG) programs.
Photo: The Daring Bureau | Shutterstock
Air Canada stays committed to supporting sustainability, equity, and accessibility throughout the communities it serves and provides 1000’s of entry-level employment opportunities. The airline is just not just Canada’s connection to the world but additionally a partner for 1000’s of employees and investors.