Norwegian Announces A Huge Profit

Daniel Fowkes
06 Nov 2023
· Airlines 
A Norwegian Boeing 737-8 MAX arriving into Copenhagen Airport

Norwegian has announced it delivered a profit before tax of USD 195 million for the third quarter.

This was a substantial increase from the same period one year prior and represents a continued increase in profitability.

Things Continue To Improve For Norwegian

Norwegian also notes that this is the highest quarterly profit since 2019.

Notably, 2019 saw Norwegian in a much different position with a fleet of widebody aircraft and a different focus.

Operating revenue across the quarter rose 23% year-on-year, which was solidified thanks to growing demand.

6.5 million passengers were carried during the third quarter, which is also an increase as it looked to expand its network with returning and new destinations.

However, there was a fall in overall load factor by 1.4% to 87.4%—capacity, though increased by 17%.

Norwegian’s Life Saving Focus Shift

Norwegian, during the pandemic, saw a major shift in focus as it looked to preserve the business and navigate significant losses.

As part of these significant changes, the airline removed its widebody operation, which consisted of the 787 Dreamliner.

A shift in strategy saw Norwegian prioritise narrowbody twin-engine aircraft across European services.

The massive strategy shift has thus far worked wonders for the company as it has been able to execute a successful turnaround and offer a robust and appreciated service.

Comments From Norwegian’s CEO

Thanks to the outstanding effort of the entire Norwegian team, we can look back at one of the best quarters in our 21-year history. I am very satisfied that our financial results are strong. We have also delivered an operational performance as one of the absolute top airlines in Europe with a remarkably low number of cancellations and strong on-time performance. Positive feedback from customers shows that Norwegian is the airline they can trust, which is something everyone at Norwegian has worked towards. We were also able to serve all customers the Norwegian way, solely relying on our own crew and aircraft to ensure that they got the Norwegian experience throughout the whole journey. I am confident that we are well prepared to enter into the quieter winter trading period with reduced capacity among other actions.

Geir Karlsen, CEO of Norwegian.

Future Outlook

Looking ahead, Norwegian says 2024 will be a hugely significant year for the airline.

With the arrival of the summer season, it’ll look to increase its fleet to approximately 90 aircraft.

Later this month, the airline will also announce new routes to the summer schedule, which they say is already on sale to customers.

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