The South American Latam airline group saw annual net profits almost double to $977 million over 2023 levels.
The surge came as the passenger carryings hit a record of more than 82 million over the 12 months as its network grew to 151 destinations in 27 countries.
“The unique and expansive network it operates, together with the increase in consolidated capacity were instrumental for this achievement,” the airline said, noting that capacity rose by more than 15% over the previous year.
“This increase in capacity was accompanied by a strong full year consolidated load factor of 84.3%, demonstrating the customer preference and the group’s ability to respond to an ever changing competitive environment,” Latam added.
Total operating revenues amounted to $13 billion for the full year, an increase of 10.6%.
Revenues in the fourth quarter reached $3.4 billion, with net income of $272 million.
A key milestone in 2024 was the return of the group S.A. to the New York Stock Exchange in July, “underscoring the company’s financial resilience and strong investor confidence”.
Latam also refinanced most of its existing non-fleet debt, “significantly reducing its interest expense and strengthening its balance sheet and cash flow generation going forward”.
Looking forward, the airline highlighted “cost containment and efficiency” as remaining a major priority in 2025, sustaining progress made in recent years.
“Latam is becoming a data-driven company, leveraging insights to drive smarter decisions and innovative solutions. In this context, digital transformation will be a central focus, with initiatives aimed at optimising processes, improving operational efficiency and enhancing the customer experience,” a fourth quarter financial results statement said.