{"id":110617,"date":"2024-01-10T16:06:14","date_gmt":"2024-01-10T16:06:14","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata"},"modified":"2024-01-10T16:47:21","modified_gmt":"2024-01-10T16:47:21","slug":"aviation-sector-likely-to-pick-up-in-2024-iata","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata","title":{"rendered":"Aviation sector likely to pick up in 2024 \u2013 IATA"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Airlines’s profits are projected to stabilise in 2024 despite net profitability remaining well below the cost of capital, according to International Air Transport Association (IATA)<\/p>\n

Industry players predict that the global aviation sector will make $25.7 billion (Sh4.06 trillion) in profit in 2024 as international travel finally surpasses pre-pandemic levels.<\/p>\n

The trade association for the world’s airlines, says that the high profit margins will be supported by some 4.7 billion people who are expected to travel during the year.<\/p>\n

\u201cSome 4.7 billion people are expected to travel in 2024, a historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019,\u201d said IATA).<\/p>\n

According to leisure travel demand is softening and \u201crevenge travel\u201d ending.<\/p>\n

This it says will see supply and demand in the commercial airline industry hit an equilibrium, which will help stabilise airfares in 2024.<\/p>\n

Kenya has already announced plans to tap on the 4.7 billion travellers with the removal of visa requirements.<\/p>\n

It’s economy heavily relies on the tourism sector,and the new visa-free policy is expected to boost the tourism industry by making the country more accessible to international travellers.<\/p>\n

According to IATA\u2019s Director General Willie Walsh, cargo volumes are expected to hit 61 million tonnes in 2023 from 58 million tonnes in 2023.<\/p>\n

\u201cThese projections reflect the industry\u2019s resilience and the popularity of air travel going forward,\u201d said Walsh<\/p>\n

IATA Director Policy and Economics Andrew Matters said industry passenger load factor is nearing its 2019 level, which is supporting the financial recovery of the airlines.<\/p>\n

According to the association\u2019s data, airline operating profits will rise from $40.7 billion in 2023 to $49.3 billion in 2024. According to Walsh, these projections reflect the industry\u2019s resilience and the popularity of air travel.<\/p>\n

\u201cPeople love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity,\u201d he said.<\/p>\n

\u201cThe speed of the recovery has been extraordinary; yet it also appears that the pandemic has cost aviation about four years of growth. From 2024, the outlook indicates that we can expect more normal growth patterns for both passenger and cargo.\u201d<\/p>\n

Global revenue passenger kilometres (RPK) defined as kilometres travelled by paying passengers, is expected to grow 9.8 per cent in 2024, rising to 4.5 per cent above 2019 levels.<\/p>\n

\u201cThe global passenger travel recovery is encouraging, despite the continuing macroeconomic uncertainties and current geopolitical situation,\u201d said chief financial officer at aviation gateway services provider Sats, Manfred Seah.<\/p>\n

He highlighted a trend of discretionary spending going to services such as food and beverage, entertainment and tourism, rather than material goods.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Airlines’s profits are projected to stabilise in 2024 despite net profitability remaining well below the cost of capital, according to International Air Transport Association (IATA) Industry players predict that the global aviation sector will make $25.7 billion (Sh4.06 trillion) in profit in 2024 as international travel finally surpasses pre-pandemic levels. The trade […]<\/p>\n","protected":false},"author":84,"featured_media":110616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-110617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nAviation sector likely to pick up in 2024 \u2013 IATA - kenya<\/title>\n<meta name=\"description\" content=\"Airlines's profits are projected to stabilise in 2024 despite net profitability remaining well below the cost of capital ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aviation sector likely to pick up in 2024 \u2013 IATA\" \/>\n<meta property=\"og:description\" content=\"Airlines's profits are projected to stabilise in 2024 despite net profitability remaining well below the cost of capital ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-10T16:06:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-10T16:47:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/01\/sm_1704892326.306826.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"664\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Aviation sector likely to pick up in 2024 \u2013 IATA\",\"datePublished\":\"2024-01-10T16:06:14+00:00\",\"dateModified\":\"2024-01-10T16:47:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\"},\"wordCount\":430,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/01\/sm_1704892326.306826.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/aviation-sector-likely-to-pick-up-in-2024-iata\",\"name\":\"Aviation sector likely to pick up in 2024 \u2013 IATA - 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