Jin Air Achieves Record High Sales of 1.4613 Trillion KRW Last Year
Jin Air recorded its highest-ever sales last year.
Jin Air announced on the 20th that its standalone sales last year reached 1.4613 trillion KRW (provisional), a 14.4% increase compared to the previous year. This is the highest annual figure since its establishment in 2008.
Operating profit during the same period decreased by 8.5% to 166.7 billion KRW. Net profit also fell by 25.3% to 100 billion KRW.
Jin Air maintained nine consecutive quarters of profitability from the fourth quarter of 2022 through the fourth quarter of last year. The increase in passenger numbers drove the strong performance. According to the Ministry of Land, Infrastructure and Transport, Jin Air’s passenger count last year was approximately 11.03 million (4.5 million domestic, 6.53 million international), a 12% increase from the previous year and the highest ever. This is the first time Jin Air’s annual passenger count has exceeded 10 million.
Jin Air explained that it actively responded to market conditions by opening new routes last year, including Incheon?Miyakojima (May), Takamatsu (July), and Busan?Nagoya (September), which contributed to the increase in passenger performance.
Jin Air expects that the high exchange rate trend will continue this year, along with increased volatility in oil prices and ongoing uncertainties in the domestic and international political environment. In response, the company plans to closely monitor changes in travel demand for short-haul low-cost carriers (LCCs), its main market, and to swiftly and flexibly respond to market conditions to expand its profit base.
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Jin Air also intends to focus company-wide efforts on safe operations, including investments related to flight and maintenance and establishing a safety culture. A Jin Air official stated, "We will devote ourselves to thorough preparation and efficient task execution for the successful launch of the 'integrated LCC'." Jin Air is pursuing integration with Air Busan and Air Seoul, LCC affiliates of Asiana Airlines, following the merger of its parent company Korean Air with Asiana Airlines.
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