DALLAS — LATAM Airlines Group (LA) has reported exceptional results for 2024, with adjusted EBITDAR exceeding US$3.1 billion.
In addition, the Santiago-based carrier (SCL) recorded a net income of US$977 million, with strong capacity growth of 15.1%. The airline group transported a record 82 million passengers and increased its consolidated capacity by 15.1% in 2024 compared to 2023. These figures reflect the group's profitable growth capacity in the context of macroeconomic challenges and competitive dynamism.
"2024 was a year of great progress for LATAM group, highlighted by strong cash flow generation, and showcasing LATAM's efficiency and remarkable growth in size, network, and operations. Additionally, LATAM group demonstrated its ability to control costs. This performance was guided by the new purpose: ‘Elevate every single journey’ which reaffirms our commitment to providing a meaningful experience from the moment a customer chooses to fly with LATAM”, Roberto Alvo, LATAM Airlines Group CEO said.
Strong Revenues
In 2024, LA saw total operating revenues of US$13,034 million, 10.6% more than in 2023. In the fourth quarter, revenues totaled US$3,395 million, with a substantial increase in cargo revenues, which grew by 29.1% compared to the same quarter of the previous year. The adjusted operating income for 2024 was US$1,660 million, noting an adjusted operating margin of 12.7%, 1.5 percentage points more than in 2023. This is indeed a record annual figure for the LA group.
Regarding the capital structure, LATAM closed 2024 with US$3,533 million in liquidity and achieved an adjusted net leverage of 1.7 times. During the year, the group generated over US$243 million in cash, including US$207 million used in its refinancing and paid dividends of US$175 million. The group achieved an adjusted EBITDAR of US$3,108 million, representing a year-over-year increase of 22.7%.
LATAM’s Operational Growth
LATAM continued to offer unrivaled connectivity with 151 destinations in 27 countries and a consolidated load factor of 84.3%. This is 1.2 % higher than in 2023. In the last twelve months, the group received 16 aircraft, bringing its total fleet to 347.
The airline group is the only one in the region that connects South America with North America, Europe, Oceania, and Africa; LA kept its customers at the center of its business. The airline group offers a unique proposition that adapts to different customer needs and aims to deliver excellent service by providing the Frequent Flyer Program (FFP) LATAM Pass, which reached 49 million members in 2024.
Within this context, LA positioned itself among the top five global airline groups in punctuality while achieving 51 points in the Net Promoter Score (NPS) for the entire year 2024, 3 points higher than in 2023 and the highest in its history. The NPS is the tool used by the group to measure customer satisfaction.
Customer-Centric Focus
LATAM was chosen as the airline in Brazil with the 'Best Customer Care in Brazil' according to the portal Reclame Aqui. This recognition is considered one of the most relevant in terms of service and reputation in Brazil. This resulted from a series of investments made by the group to enhance the passenger experience.
LA also continued to build many of its aircraft, which included a complete overhaul of the cabin interiors with new seats, onboard entertainment, and design improvements. To date, 100% of the narrow and 54% of the wide-body fleet have been renovated.
The group also advanced in implementing free Wi-Fi for LATAM Pass customers on domestic and regional flights. This service covers 100% of the narrow-body fleet in Brazil and 75% of the narrow-body fleet operated by the affiliates of Chile, Peru, Colombia, and Ecuador.
Use NordVPN for fast and secure streaming at home or traveling—no bandwidth or data limits for VPN traffic. Connect up to 10 devices with one account to protect you and your loved ones during your journey. Get 72% off NordVPN's 2-year plan today!
Featured image: Luca Flores/Airways
