Virgin Australia reports second year of profit as it mulls IPO
Virgin Australia’s underlying earnings were up 18.2 per cent for the financial year ending 30 June 2024, rising to $519 million.
This is the second year in a row that the airline has reported a profit. Before this, it had a decade of losses.
On top of this, group revenue was up 6.8 per cent to $5.4 billion.
Virgin Australia paid out $730 million to investors last year and handed over $366.5 million in dividends to shareholders.
Bain Capital owns 93 per cent of Virgin Australia whilst Britain’s Virgin Group owns 5 per cent. Queensland Investment Corporation owns the remaining 2 per cent.
Following yesterday’s (15 October) announcement, the Australian Financial Review reported that Bain Capital had taken AU$1 billion out of the airline since bailing it out in 2020.
Two weeks ago, Bain Capital announced that it had sold 25 per cent of its stake in Virgin Australia to Qatar Airways, ahead of an anticipated return to public ownership.
Qatar to acquire minority 25% stake in Virgin Australia, with Doha flights planned
Qatar Airways Group’s strategic investment will provide access to the critical scale and expertise of a world leading global airline.
Virgin said, subject to ACCC approval, the deal will enable Virgin Australia to launch flights from Brisbane, Melbourne, Perth and Sydney to Doha. The extra flights will open up more than 100 new connecting itineraries across Europe, the Middle East and Africa for Australian travellers.
“Virgin Australia has delivered a very strong performance in FY24,” Virgin Australia CEO Jayne Hrdlicka said of the financial results.
“This is our second consecutive year of after-tax profit following the FY23 milestone of returning the business to profitability for the first time in 11 years. This strong performance demonstrates the ongoing success of our transformation journey, despite what has been a challenging year for our industry.
“Continued improvement in profitability means we are well-positioned to deliver great value and choice to Australian travellers. It is essential to our ability to re-invest in our business and customer experience, and vigorously compete with our major competitor.”
Email the Travel Weekly team at traveldesk@travelweekly.com.au
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