The turnover of SIA “Air Baltic Training” in 2022, compared to 2021, increased by 15.2%, reaching 2.53 million. euro. At the same time, the company’s losses also increased, reaching 1.04 million. euro. The company has been operating at a loss for the last three years, according to “Lursoft” Multi report data.
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SIA “Air Baltic Training” states in its submitted report that several factors influenced its financial results in 2022. Among them, the spread of the Covid-19 pandemic and related travel and training restrictions in the 1st quarter of last year, the increase in energy prices and their impact on operating costs, as well as the Russian invasion of Ukraine and the subsequent impact on the company’s commercial activities in connection with the loss of Ukrainian customers and several cancellation of customer training contracts for security reasons.
Considering these factors, the number of students of the initial pilot training program of SIA “Air Baltic Training” did not reach the optimum – 100 students. This circumstance negatively affected the total annual revenues by almost one million. euro.
As part of the diversification plans of SIA “Air Baltic Training”, the company successfully increased additional revenues from aircraft maintenance training in 2022. It should be noted that the program jointly created by SIA “Air Baltic Training” and PIKC Liepājas Valsts Tehnikums has reached the planned level – 50 students started their studies in September 2022. In the future, the graduates of this program will help ensure a constant supply of qualified aviation technicians for both SIA “Air Baltic Training” and the parent company AS “Air Baltic Corporation”.
In 2022, there were signs of the aviation market recovering from the pandemic. SIA “Air Baltic Training” is sure that the positive business development will continue in 2023 as well.
“According to the data of the International Air Transport Association, the demand for commercial pilots will increase already next year, as some of the previously released pilots do not return to their previous job. This will create an additional demand for pilot training,” stated SIA “Air Baltic Training” in the submitted management report.
The company expects the Pilot Academy’s initial pilot training program to grow from the current 68 students to approximately 100 students by the end of 2023.
