10:24 AM
Latam Airlines Group announced its financial results for the first quarter of 2024 this week, showing positive operational and financial performance in a context of healthy demand, efficient costs and solid market shares.
Highlights include:
1. Total operating income: US$3,321 million, 18.4% more than in the same period of 2023. Net profit: US$258 million. Adjusted Ebitda margin: 13.9%, a record for the group.
2. Passengers transported: 20.2 million, 19.4% more than in the same period of 2023. Liquidity: US$2,951 million, driven by a cash generation of US$137 million during the period.
You may be interested in: Unemployment in the United States rises in April: a sign of an economic cooling?
Based on this performance and the positive demand outlook, Latam updated its projection for 2024, adjusting its Ebitda between US$2.75 billion and US$3.05 billion. This represents an increase of between approximately 10% and 22% versus the previous year.
“The systematic work of the Lata group has turned into solid and consistent financial and operational results in the first quarter,” said Ramiro Alfonsín, CFO of Latam Airlines Group.
He added: “These results lead us to upwardly update our guidance (projection) for 2024, which demonstrates our confidence in the future of aviation in the region.”
Another reported achievement is that Latam returns to the New York Stock Exchange. The Board of Directors of Latam approved the beginning of the process for the company’s shares to be listed again on the New York Stock Exchange.
You may be interested in: OECD adjusts Colombia’s growth downwards for 2024: what is expected?
Furthermore, at the recent Ordinary Shareholders’ Meeting, It was decided to distribute dividends for a total of US$175 million, which is equivalent to 30% of Latam’s net profits in 2023. Each shareholder will receive US$0.00029 per share. The payment of dividends will be made on May 16 to registered shareholders until midnight on May 10, 2024.
