Norwegian Air Shuttle (Norwegian) has reported its fourth-quarter and preliminary full-year results for 2023, revealing a strong operating profit of NOK 2.23 billion. The full-year operating profit marks the highest in the company's history, showcasing Norwegian's capability to deliver robust results by strategically adjusting capacity during the quieter winter period. The airline maintained its position among Europe's top carriers for punctuality and regularity.
The full-year operating margin for 2023 reached nine percent, also setting a record for the company. In the fourth quarter of 2023, Norwegian achieved an operating profit of NOK 328 million. The full-year profit before tax (EBT) amounted to NOK 1,804 million, with NOK 208 million for the quarter. The Norwegian fleet, consisting of 87 aircraft at year-end, included 20 state-of-the-art 737 MAX 8 aircraft. The airline served 4.7 million passengers in the quarter, up from 4.6 million in the fourth quarter of 2022.
Production (ASK) totalled 7.1 billion seat kilometres, while passenger traffic (RPK) amounted to 6.0 billion seat kilometres. Quarterly capacity was reduced by 32% compared to the previous quarter to align with the seasonally lower demand during winter. The quarterly load factor reached 84.4%, a three-percentage-point increase from the same period the previous year.
In January, Norwegian successfully concluded the acquisition of Widerøe, a regional carrier in Norway with a fleet of 48 aircraft, primarily turboprops. The acquisition is expected to enhance route networks, create operational synergies, and diversify Norwegian's operations through Widerøe's substantial public service obligation (PSO) operations. (£1.00 = NOK13.23 at time of publication).
