SAS's Remarkable Resurgence
In their initial financial report since emerging from bankruptcy protection, Scandinavian Airlines (SAS) discloses a significant loss amounting to billions of Swedish kronor.
Hey there travel buddies! Guess who's back on top? Scandinavian Airlines, or SAS, has clawed its way back to profitability, showing some serious grit following a tumultuous period. Let's dig into the details, shall we?
The Swedish carrier recently recorded an operating loss of 1.4 billion Danish kroner (approximately 2.1 billion Swedish kronor) for the latest financial year. It's the first annual report since the airline emerged from bankruptcy protection. Despite this hiccup, SAS managed to generate revenue of 30 billion Danish kroner (45.9 Swedish kronor) during the period covered from November 2023 to October 2024.
A Fresh Start
This financial report represents the first from SAS since it delisted from the stock exchange in August 2024. Compared to the previous year, the net result for 2023/2024 stood at 1 billion Danish kroner, a significant decrease from the 3.8 billion Danish kroner posted in the year prior.
Passenger Numbers Soaring
Overall, SAS transported 25.2 million passengers throughout the financial year, marking a 6.4 percent increase.
A Brighter Future
In July 2024, a Swedish court approved a restructuring plan aimed at securing fresh capital and reducing the debt the airline had accrued due to the prolonged Covid-19 shutdowns. This restructuring process involved a delisting of existing shares, leaving shareholders empty-handed.
A consortium of investors—including private equity firm Castlelake, investment firm Lind Invest, airline Air France-KLM, and the Danish state—injected 13.2 billion Swedish kronor into SAS to take over ownership and shore up the airline's finances. As part of the investment, SAS switched airline alliances, moving from Star Alliance to SkyTeam.
What's Next for SAS?
Since its restructuring, SAS has made remarkable strides, even being recognized as the world's most punctual airline for April 2025. The airline has also taken steps to broaden its global network through partnerships, such as enhancing trans-Atlantic travel between Scandinavia and North America with Delta Air Lines.
Additionally, SAS focuses on sustainability and has been recognized as the most sustainable aviation brand in both Denmark and Sweden by consumers. The airline is actively expanding its route network and resuming strategic flights, with Beirut being among the destinations taking flight for summer 2025.
Stay tuned for more updates on SAS's ongoing journey! If you have any questions or insights, feel free to share them with us. Let's keep the conversation going!
- SAS's restructuring has enabled the airline to make strides in travel, pairing with Delta Air Lines to enhance trans-Atlantic travel.
- Beyond travel, SAS is recognized as the most sustainable aviation brand in Denmark and Sweden, highlighting its commitment to art and lifestyle.
- As part of the investment, business news reveals that SAS switched airline alliances from Star Alliance to SkyTeam, marking a significant change in their partnerships and finance.
- The airline has also captured headlines in space, earning the title of the world's most punctual airline for April 2025.
