Russian airlines make record profits thanks to state support

According to RBC, referring to the reports of companies under RAS, the net profit of the companies exceeded the results of 2021 by 2.8 times.

The largest profit was recorded by S7 Airlines and Ural Airlines: the airlines earned 34.4 billion rubles (an increase of 2.3 times compared to last year) and 13.5 billion rubles (an increase of 2, 5 times), respectively. For companies, this is a record for at least the last six years.

The low-cost airline Pobeda (owned by Aeroflot) reached the maximum profit in 2022 since the company was founded: 15 billion rubles. Compared to the previous year, this figure increased 4.4 times.

Aeroflot, the largest airline in terms of passenger traffic, and its subsidiary Rossiya did not disclose financial statements for 2022.

In the spring of last year, Aeroflot temporarily decided not to publish financial results “due to the fact that some shareholders are unable to make investment decisions and carry out actions with securities.”

According to the Federal Air Transport Agency, in 2022, the passenger traffic of Russian airlines decreased by 14.2%, to 95.2 million people. Transport within the country fell 11.2% (to 77.7 million people), and abroad – 25.6% in the context of Western sanctions.

As Alexander Neradko, head of the Federal Air Transport Agency, said in March, under such conditions, the Russian authorities had to provide additional state support to the companies.

According to the Association of Air Transport Operators, last year civil aviation received record state support of 172.3 billion rubles, of which 100 billion rubles went to support domestic transport.

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