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WOW Air’s Profits Soar

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WOW Air’s Profits Soar

Photo: Milan Nykodim/Wikipedia

Last year’s turnover at WOW Air amounted to ISK 36.7 billion (USD 343 million, EUR 326 million), representing a 111 percent increase from the previous year, when it was ISK 17 billion (USD 159 million, EUR 151 million), RÚV reports. The company’s earnings before interest, tax, depreciation and amortization (EBITDA) for 2016 were ISK 5.6 billion (USD 52 million, EUR 50 million), which is an increase of ISK 3.2 billion (USD 30 million, EUR 28 million), from the previous year. Profits after income tax in 2016 were ISK 4.3 billion (USD 40 million, EUR 38 million).

The airline has grown rapidly in recent years. Last year, seven new aircraft were added to its fleet, which now operates twelve aircraft —two Airbus A320, three Airbus A330, and seven Airbus A321. The company owns four of those, but leases the other eight. Five new Airbus aircraft will be added to the fleet this year.

The number of WOW’s passengers last year was 1,668,773, an increase of 130 percent from the previous year. The seat utilization rate was 88 percent last year, but the airline currently flies to more than 30 destinations on both sides of the Atlantic. Last year, scheduled flights began to Los Angeles, San Francisco, Toronto and Montreal.

WOW Air employed 720 people last year, compared with 280 in 2015. This year, the company expects to employ 1,100 people.

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