Azul Reports Strong Operational Performance in Q4 2024, Despite Exchange Rate Losses
The data indicates positive performance in operations, but the impacts of exchange rate fluctuations continue to affect the company's financial results.
Azul Linhas Aéreas released its financial results for the fourth quarter of 2024 (4T24) and for the full year. The data indicate positive operational performance, but the impacts of currency fluctuations continue to affect the company’s financial results.
During the last quarter, the company recorded an operating profit of $212 million, representing an increase of 40.2% compared to the same period in 2023. However, currency losses amounted to $696.9 million, resulting from the 13.7% depreciation of the real against the dollar. As a result, a net loss of $677.7 million was reported in 4T24, reversing the operating profit of $69.0 million achieved in 4T23.
For the full year, operating profit in 2024 reached $601.4 million, marking a growth of 21.0% compared to 2023. However, currency losses totaled $1.225 billion, leading to a net loss of $1.4113 billion for the year, compared to -$119.9 million in 2023.
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EBITDA was $334.2 million in 4T24, representing a growth of 33% compared to 4T23, and reached $1.0394 billion for 2024. The EBITDA margin in the quarter stood at 35.2%. In addition, operating revenues amounted to $942.5 million in 4T24, driven by increased demand and the growth of business units, which contributed 23% of unit revenues (RASK) and 24% of EBITDA.
Other highlights included an occupancy rate of 84.2% in 4T24, an increase of 4.2 percentage points compared to the same period in 2023, and a reduction in CASK (cost per available seat-kilometer), attributed to lower fuel prices and operational efficiency initiatives. Immediate liquidity at the end of the quarter stood at $531.5 million, representing an increase of 22.5% compared to 3T24.
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