Korean Air says record revenue hit in 2024

Korean Air achieved a record-high revenue of KRW 16.1166 trillion (USD 10.9637 billion) in 2024, with an operating profit of KRW 1.9946 trillion (USD 1.3229 billion). In Q4 2024, operating profit grew 159% year-on-year and net profit returned to profitability. Q4 and Full Year 2024 Results (Non-consolidated) * Unit: KRW billion (USD million) KRW/USD exchange rate: 1,470 Q4 Full Year 2024 2023 Remarks 2024 2023 Remarks Revenue 4,029.6 (2,741.2) 3,980.1 (2,707.6) 49.5 (+1% YoY) 16,116.6 (10,963.7) 14,575.1 (9,915) +1,541.5 (+10.6% YoY) Operating Profit 476.5 (324.1) 183.6 (124.9) +292.9 (+159% YoY) 1,944.6 (1,322.9) 1,586.9 (1,079.5) +357.7 (+22.5% YoY) Net Income 283.3 (192.7) -234.6 (-159.6) Returned to profit 1,254.2 (853.2) 916.8 (623.7) +337.4 (+36.8% YoY) The airline’s Q4 2024 passenger business revenue totalled KRW 2.3746 trillion, a 3% decline year-on-year due to ongoing recovery in global supply chains. Despite the seasonal off-peak period, the airline maintained stable profitability by strategically adjusting capacity to meet strong winter tourism demand and enhancing premium class service to improve load factors. The airline recorded cargo revenue of KRW 1.1980 trillion in the fourth quarter, marking a 9% increase year-on-year. Cargo volumes remained stable, supported by sustained e-commerce demand from China and seasonal year-end retail surge. For Q1 2025, Korean Air aims to maximise revenue in passenger operations by maintaining capacity on high-demand routes and expanding charter flights, driven by sustained long-haul demand and anticipated recovery in the China market. In cargo operations, the airline plans to strengthen profitability through service diversification and dynamic capacity management, leveraging robust e-commerce-driven demand. In 2025, Korean Air anticipates uncertainties in the business environment due to shifts in the global political landscape. However, the airline remains committed to strengthening its competitiveness as a leading global carrier by strategically preparing for its integration with Asiana Airlines. Korean Air named Airline of the Year Korean Air has been named Airline of the Year of 2025 by AirlineRatings.com, and has also won Best Economy Class in its World’s Best Airline Cabin Class Awards. The airline also secured eighth position in the publication’s Top 25 Safest Full-Service Airlines rankings in January this year. The publication commended Korean Air’s economy class experience, highlighting the spacious seat configurations in comparison to other airlines and attentive onboard service. The evaluation also noted the airline’s comprehensive amenities on its long-haul routes, along with enhanced dining and expansive inflight entertainment options. A standout feature of Korean Air’s economy class is the Boeing 787-10, which offers industry-leading seats with a 120-degree recline capability and 13.3-inch high-resolution monitors, significantly enhancing passenger comfort and entertainment options. Korean Air’s strategic fleet modernisation program continues to drive service improvements and operational efficiency. The airline’s latest addition of next-gen aircraft, including the Airbus A350-900, A321neo and Boeing 787-10, have strengthened its network coverage while setting new standards for inflight experience and operational reliability. Beyond passenger experience, the airline has demonstrated business strength and future readiness. The successful acquisition of Asiana Airlines – one of the largest mergers in Asian aviation history – marks a significant milestone as the airline embarks on a bold new journey. “Korean Air’s delivery of exceptional service across all cabin classes, from economy to premium, is backed by continuous investment in next-generation aircraft and fleet modernisation,” said AirlineRatings.com CEO, Sharon Petersen. “With the successful acquisition of Asiana Airlines, the airline has established a historic milestone in shaping its future.” This recognition follows Korean Air’s previous accolades, including being ranked second in AirlineRatings’ Top 25 Airlines and winning Best Long-Haul Carrier in North Asia in 2024. The airline remains committed to strengthening its position as a leading global carrier through continued innovation and service excellence. For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Kay Rolland at [email protected]