A year after it lifted its COVID-era travel restrictions in September 2022, demand has sharply bounced back in Hong Kong.…
Finnair Reports Strong 2022 Results
Helsinki-based Finnair, a member of the Oneworld alliance published documents relating to 2022 relating to the Financial Information Report, the Corporate Governance Statement and the Remuneration Report for 2022.
Analyzing the three reports, it can be seen that in 2022, Finnair’s business continued to recover from the COVID-19 pandemic, while at the same time dealing with the economic and political crisis caused by the war in Ukraine and the closure of Russian airspace. The Finnish flag carrier also supported Ukrainians by offering a 95% discount on air tickets to Helsinki on several key routes used by those fleeing the war in Ukraine.
At the beginning of the year, the sick leave caused by the Omicron variant and the closure of Russian airspace required an adjustment of operations and the definition of a completely new strategy, changing routes and flights, and reassessing all traffic to and from Asia. Many Asian countries maintained their severe travel restrictions for most of last year. Most flights to Japan scheduled for the summer season were cancelled, but flights to Tokyo, Shanghai and Seoul continued, supported by strong cargo demand.
Finnair’s cargo revenue reached a record level in 2022, with a slight increase compared to 2021, mainly due to more flights operated. In 2021, cargo-only flights represented a significant part of Finnair’s cargo capacity, but in 2022 they were mostly replaced by belly-carrying passenger flights due to strong passenger demand. However, Finnair expects the decline in demand for cargo flights to continue in the first quarter of 2023.
In early 2022, Finnair also invested 200 million euros in the cabins of all long-haul aircraft in its fleet, renovating the Business, Premium Economy and Economy classes.
The summer of 2022 was a busy time for travelers, with high demand and excellent revenues, as is always the case at this time of year. In the second half of the year, which is often the most difficult after the summer peak, revenues were still good thanks to steady demand and a policy of revenue optimization, despite an increase in ticket prices (due to exceptionally high fuel prices and long flight times on Asian routes).
In 2022, the number of passengers carried by Finnair more than tripled compared to 2021, reaching 9.1 million with revenues reaching €2.4 billion euros, an increase of €838.4 million, mainly due to the last two quarters of 2022, reflecting both the upturn in travel and tourism without restrictions.
2023 will certainly be a special year for Finnair, which will celebrate its centenary this year, having been founded on 1 November 1923.
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