JIN AIR recorded its highest annual revenue last year. The annual number of passengers exceeded 10 million for the first time.
JIN AIR noted on the 20th that revenue for 2024 is expected to be 1.46 trillion won, an increase of 14.4% compared to the previous year. This is the highest annual revenue since its founding in 2008.
JIN AIR reported a nine-quarter consecutive operating profit through the last quarter of last year (October to December). However, the annual operating profit for last year was 166.7 billion won, down 8.5% from the previous year. The net profit decreased by 25.3% to 100 billion won. It is interpreted that profitability declined as the won appreciated against the U.S. dollar (the value of the won fell). Since most costs in the aviation industry, such as aircraft leasing, fuel, and maintenance expenses, are settled in U.S. dollars, an increase in the exchange rate results in higher won costs, which is unfavorable.
JIN AIR reported that the annual number of passengers reached 11.03 million last year, an increase of 12% compared to the previous year. Last year was the first time JIN AIR's annual passenger count exceeded 10 million. JIN AIR stated, "We achieved our highest annual passenger transport by opening new routes such as Incheon-Takamatsu, Incheon-Miyakojima, and Busan-Nagoya, and actively responding to market conditions."
JIN AIR expects that uncertainty in the business environment will continue this year due to high exchange rates, volatility in oil prices, and political instability both domestically and abroad. The company has a policy to closely monitor changes in demand for low-cost carrier (LCC) travel in its primary market and respond flexibly to market conditions.
JIN AIR also revealed plans to focus its efforts on safe operations, including investments related to flight operations and maintenance, and establishing a culture of safety. JIN AIR is in the process of integrating with its parent company Korean Air following the completion of the merger with Asiana Airlines, along with the low-cost carriers AIR BUSAN and AIR SEOUL.