Ukrainian Helicopters ranks second in passenger airline revenues, surpassing Ukraine International Airlines
One-third of 307 companies and 55 individual entrepreneurs engaged in passenger air transportation in Ukraine went bankrupt, ceased operations, or are in the process of shutting down between 2004 and 2023, according to the open data service YouControl.Market (YC.Market).
MALAGA AIR LLC is listed at the bottom of the YouControl study report, having earned only $40 or UAH 1500 in 2022. On the contrary, SkyUp Airlines reported the highest revenue among nearly fifty companies that submitted financial statements for 2022.
It earned almost $73 million (UAH 2.75 billion) and continued to increase its revenue in the third quarter of 2023 to almost $86 million (UAH 3.23 billion). These results suggest a potential shift in the business model and a focus on foreign markets rather than Ukrainian ones.
Ukrainian Helicopters, with revenues of almost $72 million (UAH 2.7 billion) in 2022 and more than $76 million (UAH 2.88 billion) in the first nine months of 2023, ranks second among the three largest passenger airlines, followed by Ukraine International Airlines (UIA).
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It earned $46 million (UAH 1.75 billion) in 2022, compared to just $140,000 (UAH 5.3 million) in the first 3 quarters of 2023.
Faced with a 99% drop in revenues, UIA filed for bankruptcy at the end of 2023. The FinScore index indicated an unsatisfactory level of the company’s financial stability and a high probability of adverse financial consequences.
Wind Rose Aviation Company reported revenues of $20.5 million (UAH 772.1 million) in 2022 and $19.1 million (UAH 719.5 million) for the first three quarters of 2023.
Skyline Express Airlines’ revenues amounted to $13.3 million (UAH 0.5 billion) in 2022 and less than $10 million (UAH 368.9 million) after the third quarter of 2023.
Constanta Airlines, a private joint-stock company, was also among the top ten largest airlines, with revenues of $6.2 million (UAH 233.7 million) in 2022 and almost $4 million (UAH 150.1 million) after the third quarter of 2023 report.
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In October 2021, the National Security and Defense Council sanctioned Khors Airlines and Camus Air until October 29, 2024. These airlines were also added to the OFAC SDN List for providing support to Iranian and Iraqi airlines through the provision of aircraft and services (Iranian airline Caspian Air and Iraqi airline Al-Naser Airlines).
Ukraine is collaborating with international partners to resume air travel to and from Kyiv and Lviv, with Boryspil Airport being the top priority, stated Deputy Head of the President’s Office Rostyslav Shurma during a panel discussion at the World Economic Forum in Davos, as reported by Reuters on Jan. 18.
Lviv International Airport is prepared to resume operations, as stated by Lviv Mayor Andriy Sadovyi in a Telegram post on Sept. 11, provided that security can be guaranteed.
Read also: Lviv airport could be reopened, mayor says
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