Lufthansa Technik, the aircraft maintenance and engineering subsidiary of German airline Lufthansa, reported record earnings over the past year on Tuesday.
Turnover at Lufthansa Technik increased by 18% in 2023 to more than €6.5 billion ($7.1 billion). The company also reported record operating earnings before interest and taxes (EBIT) of €628 million, 13% more than in the previous year.
Lufthansa Technik did not disclose its net financial results. The firm's parent company, the Lufthansa Group, presented financial results for 2023 last week.
Executives at Lufthansa Technik on Tuesday presented an ambitious forecast for the remainder of the decade and plans for major growth.
"We have made the best possible use of the past year and, after the draining years of the coronavirus crisis, have regained our former size and new strength," Lufthansa Technik chief executive Sören Stark said. "By 2030, we plan to increase our turnover to over €10 billion with a double-digit profit margin."
Stark said that the firm's target are annual profits of over €1 billion.
"The business with technical support for engines and aircraft components will be a disproportionately high growth driver," Stark said.
