Air Nostrum back in profit and flying high

Air Nostrum back in profit and flying high

AIR NOSTRUM: The independent carrier is an Iberia franchisee Photo credit: CC/Alan Wilson

AIR NOSTRUM reported 2022 sales figures of €494.2 million and aggregated pre-tax profits of €19.6 million.

The airline, an independent carrier which operates as an Iberia Airlines franchisee, is out of the red after two years of losses during the pandemic.

Speaking at the company’s headquarters in Quart de Poblet (Valencia) on October 17, Air Nostrum’s chief executive Carlos Bertomeu said that 2022 had been a good year, showing a 51 per cent improved on 2021, owing to the increased demand registered since the second quarter of 2022.

“Air Nostrum returns to the path of profits, something it has never abandoned, except at the beginning of its operations back in 1994 and in the two great global crises,” Bertomeu said.

The number of  passengers rose by 55 per cent from 2.8 million in 2021 to 4.4 million in 2022 and in order to cover the greater demand for seats, the company increased its number of flights from 46,710 during the previous year to 65,569.

This more than doubled the pandemic year and improved Air Nostrum’s load factor, the percentage of available seating capacity occupied by passengers.

Bertomeu went on to announce the creation of the Strategic Alliance of Regional Airlines (SARA), a holding company resulting from a strategic union between Air Nostrum and the Irish regional airline CityJet.

Air Nostrum’s parent Air Investment Valencia will own an 80 per cent stake in the new company, with the remaining 20 per cent allocated to CityJet’s owner, CF Miga Investment Holdings.

“The idea is to make a strategic regional airline group with common decisions and synergies,” explained Bertomeu, who was named chief executive of the new alliance.

He added that the reasons behind the merger were as strong as they were when the alliance was initially proposed at the Farnborough Air Show in 2018.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at