Aviation stakeholders upbeat despite trapped funds in Nigeria, reduced China travel | Airlines

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Despite trapped funds from Nigeria and reduced China air travel, stakeholders are optimistic about the global aviation industry growth in 2024.

Organisations such as the International Air Transport Association (IATA), the International Bureau of Aviation (IBA), Airbus, the Airport Council International, and the Centre for Aviation all provided detailed insights into the bright prospects awaiting the global aviation industry in 2024.

IATA has predicted that total revenue for the global airline industry should rise by 7.6 percent to reach $964 billion in 2024.

It anticipates higher net profitability compared to 2023, a situation that could encourage innovation and improved services among industry players.

Often referred to as the “trade association of the global airline industry,” the organisation outlined various expectations for 2024. Some of these include: “Airline industry net profits are expected to reach $25.7 billion in 2024 (2.7 percent net profit margin).

“That will be a slight improvement over 2023, which is expected to show a $23.3 billion net profit (2.6 percent net profit margin). In both 2023 and 2024, the return on invested capital will lag the cost of capital by 4p.p., as interest rates around the world have risen in response to the sharp inflationary impulse.”

Others include “airline industry operating profits are expected to reach $49.3 billion in 2024 from $40.7 billion in 2023”. “Expense growth is expected to be slightly lower at 6.9 percent for a total of $914 billion.”

However, in terms of expected passenger traffic for 2024, IATA…

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