Wizz Air Releases Quarterly Financial Results

Wizz Air Releases Quarterly Financial Results

July 28, 2022 Off By Reem

Wizz Air, Europe’s fastest growing low cost carrier based in Budapest and London Luton just released its first quarter financial results for the three months period that ended on june 30th. The company’s financial performance confirmed the industrywide recovery that had gained momentum after the Covid19 pandemic subsided. As proof, Wizz Air number of passengers transported shot up fourfold to more than 12 millions at an 84.7% average airplane load factor. Revenue increased from 199 million Euros during the same period the previous year, to 808 millions Euros this quarter, yet a widening loss of 452 million Euros had to be incurred led by fuel cost exploding more than 700% to 508 millions Euros. The negative effects of a strengthening US dollar compounded to the airlines financial losses contributing to a charge of 139 millions Euros. Yet the carrier cash positions remained solid, strengthening to 1,583 millions Euros.

Facing the current crisis of flight operations disruptions mostly caused by short-staffed airports during the recovery, the airline has implemented a number of measures to minimize impact to passengers. For instance, resources assigned to planning and logistics would be increased. Similarly the capacity of its call centers would be increased all in an effort to minimize disruptions to customers. Furthermore, streamlining boarding procedures and adjusting the volume of flights also became priorities. Fleet operations were also beefed up by making available spare aircraft available as well as organizing daily flight schedules with buffer time in an effort to facilitate schedule recovery.

The airline which received the “Most Sustainable Low-Cost Airline in 2022” award from World Finance magazine currently serves 193 airports located in 50 countries has balanced its flight operations across 40 bases accomodating the 157 Airbus A320 family aircraft it currently operates. These bases comprise Budapest with twelve aircraft, Luton with eleven aircraft, Warsaw and Tirana with eight aircraft, Gdansk and Cuj with seven aircraft.

Wizz Air fleet which is one of Europe’s youngest averaging only 4.9 years. Each aircraft operates on average for less than 12 block hours per day ( exactly 11 hours and 47 minutes) on stages length of 1,622 km on average. This has been observed on its newly established routes from Abu Dhabi, from which the carrier will fly to 34 destinations located within a five-hour flight time radius.