Korean Air reports record Q2 2024 revenue, with a 14% year-on-year increase, driven by strong passenger performance.
SEOUL, SOUTH KOREA – Korean Air has released its financial results for Q2 2024, showcasing impressive revenue growth despite a challenging cost environment. The airline achieved a record quarterly revenue of KRW 4.0237 trillion (USD 2.8964 billion), marking a 14% increase year-on-year. This performance underscores Korean Air’s strategic adaptability in responding to market dynamics.
Passenger business drives revenue growth
Korean Air’s passenger business saw a robust 10% year-on-year increase in revenue, reaching KRW 2.4446 trillion. This growth was fueled by expanded capacity across key networks, including heightened activity in the China market and robust demand for travel to the Americas and Europe. The airline’s strategic expansion aligns with growing business and leisure travel demands, underscoring its commitment to capturing market opportunities through enhanced service offerings and route optimization.
Cost pressures and profitability
Despite the revenue gains, Korean Air’s operating profit decreased by 12% year-on-year, influenced by rising fuel and labor costs, along with other expenses tied to increased business volume. The cost pressures reflect broader industry challenges, including fluctuating fuel prices and the need for competitive labor compensation. Korean Air’s focus on cost management and operational efficiency will be critical in navigating these challenges and sustaining profitability.
Strategic outlook for Q3 2024
Looking ahead to Q3 2024, Korean Air aims to maximize profitability by capitalizing on peak summer travel demand. The airline plans to increase flight frequencies and expand charter operations, catering to the heightened demand during the summer months.
Q2 2024 Results (Non-consolidated)
*Unit: KRW billion (USD million)
KRW/USD exchange rate: 1,389.2
| Q2 2024 | Q2 2023 | Remarks | |
| Revenue | 4,023.7 (2,896.4) |
3,535.4 (2,544.9) |
+14% YoY |
| Operating Profit | 413.4 (297.6) |
468 (336.9) |
-12% YoY |
| Net Income | 349 (251.2) |
371.5 (267.4) |
-6% YoY |
H1 2024 Results (Non-consolidated)
*Unit: KRW billion (USD million)
KRW/USD exchange rate: 1,389.2
| H1 2024 | H1 2023 | Remarks | |
| Revenue | 7,846.2 (5,648) |
6,731.3 (4,845.5) |
+17% YoY |
| Operating Profit | 849.5 (611.5) |
883 (635.6) |
-4% YoY |
| Net Income | 694.3 (499.8) |
726.9 (523.3) |
-4% YoY |
George is the News Feed Manager, Content Creator, and Social Media Manager at the TravelDailyNews network of online newspapers. At the same time, he is completing his studies in the Department of Business Administration at the Athens University of Economics and Business.
