FLYPLAY HF
12 min read
FLY Play hf.: Financial Results 2024
-
New business model already yielding results, evident in Q4 improvement
-
Icelanders are choosing PLAY in greater numbers and 477 thousand passengers flew from Iceland with PLAY last year, a 17.1% increase from last year
-
Revenues increased 4% between years, amounting to USD 292 million in 2024
-
Revenue per available seat kilometer (RASK) for Q4 increased by 17% year-over-year, due to higher average prices and better load factor.*
-
Play has negotiated commercial terms of deployment of three aircraft from next spring on long-term ACMI to a European airline until year end 2027. This ensures high level of predictability for PLAY’s income.
-
Load factor in Q4 improved year-over-year by 4.2 percentage points, from 78.3% in 2023 to 82.5% in 2024, despite the reduced capacity
-
Load factor for 2024 improved between years, from 83.4% to 85.3%
-
EBIT was negative 30.5 million USD in 2024, impacted by slightly lower unit revenue.
-
EBIT improved by USD 4.7 million in Q4 YoY, driven by year-on-year increase in average income, increase in RASK and cost reductions.
-
PLAY carried 1.6 million passengers in the full year of 2024, of which 336 thousand passengers were in Q4.
-
On-time performance in Q4 was 82.7% compared with 87.5% in the full year 2024.
-
PLAY had ten aircraft in its fleet and 42 destinations in its route network by the end of 2024.
-
Cost per available seat kilometer (CASK) for Q4 increased by 2.1% YoY, from 6.0 US cents to 6.1 US cents. CASK for the full year 2024 was the same as for the previous year: 5.6 US cents.*
-
Cost per available seat kilometer excluding fuel and emissions (Ex-Fuel CASK) for the full year 2024 increased by 4.7%, from 3.8 to 4.0. Ex-Fuel CASK in Q4 2024 was 4.4 US cents, compared to 4.2 US cents in Q4 2023.*
Einar Örn Ólafsson, CEO:
The transformation of PLAY’s business model is becoming increasingly evident, and its impact is reflected in our Q4 results. While our EBIT remains substandard, we saw a clear improvement in Q4, signaling that our revised flight schedule is already driving higher revenues and improved financials. Looking ahead to 2025, we are optimistic about continued progress.
The positive impact of the new business model cannot yet be factored in the unmodified audit opinion of PLAY’s financial statements. We, however, firmly believe that these changes will improve the economics of the company significantly in 2025. Our cash position has strengthened compared to the same period last year, and PLAY’s business outlook has significantly improved. Market conditions may change, however, so raising capital cannot be ruled out.
