Airlines across the world reported record profits in 2023, an aviation industry trade body reported on Monday.
The International Air Transport Association (IATA) said higher flight prices have helped airlines to surpass pre-pandemic profits for the first time since the coronavirus crisis ground the aviation industry to a halt in 2020.
Airlines recorded profits of $27.4 billion in 2023, $1 billion more than in 2019, the IATA announced at its general assembly in Dubai on Monday.
The association predicted further growth in 2024, estimating profits could rise beyond $30 billion.
Airlines in North America are expected to generate half of global profits in 2024 at just under $15 billion, while European airlines in Europe are expected to increase their profits from $8.6 billion to $9 billion.