Aerolíneas Argentinas Posts First Profit Since 2008 with ARS 156 Billion Surplus in 2024
This was revealed in a 2024 report published by the Ministry of Economy.
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A 2024 report on Aerolíneas Argentinas, published by Argentina’s Ministry of Economy, reveals that the state-run airline achieved a surplus of 156 billion pesos, marking its first positive financial result since the company was renationalized in 2008.
Fabian Lombardo, President of Aerolíneas Argentinas, had previously anticipated this outcome. According to company sources, the airline recorded an operating profit (EBIT) of USD 20.7 million in 2024.
EBIT—Earnings Before Interest and Taxes—is a standard industry metric used to evaluate the core operational performance of airlines. It excludes taxes, interest, and non-operating income, reflecting only the revenue generated through the airline’s main activities, such as ticket sales, cargo services, and ancillary income, minus the costs of delivering those services.
The gap between the economic result of ARS 156 billion and the operating profit of USD 20.7 million is due to the inclusion of financial gains, tax-related entries, and other non-operating factors, the sources explained.
These improvements, they added, were made possible through an aggressive cost-cutting strategy, which included a 15% reduction in staff, bringing the airline’s workforce to its lowest level in 14 years and achieving the lowest employee-per-aircraft ratio in the company’s history.
However, they noted that these results are still preliminary, as the final figures are undergoing review by an external auditor and will be officially confirmed once approved by the shareholders’ assembly.
Since its renationalization in 2008, Aerolíneas Argentinas has posted an average annual operating deficit of around USD 400 million. In 2023 alone, the airline reported losses of USD 390 million. Since December 2023, company leadership has focused on making the structural changes necessary to prepare the airline for potential privatization.
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