Aerolineas Argentinas managed to make money for the first time since the 2008 nationalization.

For the first time since its renationalization, Aerolíneas Argentinas closed a year with a positive annual economic result. According to official data from the National Budget Office, the airline concluded 2024 with a surplus of $156,323.9 million.

These good results were achieved thanks to the measures taken by the administration of President Javier Milei, which focused on reducing its deficit, eliminating unnecessary expenses, and streamlining the company. 

In operational terms, the firm recorded an EBIT (earnings before interest and taxes) of $20.7 million. This indicator is the most used in the airline industry to measure the profitability derived from the core business, allowing a direct comparison between airlines.

"EBIT reflects only the operating profitability before the deduction of taxes and interest and without including non-operating income. That is, it shows what the company generates strictly with its main activity based on its revenue from ticket sales, cargo, and additional services, minus the cost of operating all those products," they indicated from the company.

The difference between the total economic result —the $156 billion surplus— and the EBIT of $20.7 million is explained by the inclusion of financial, tax, and other components not directly related to the main operation.

According to industry sources, the company modified the way it presents its budget execution, aiming to represent more accurately the economic effect of the gap between the date of purchase of airline tickets and the moment when the flights are actually carried out.

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Meanwhile, official figures indicate that the firm received $58,732.7 million from the National Treasury, aimed at financing a staff reduction program. By the fourth quarter of 2024, the workforce was reduced to 10,401, representing a year-on-year decrease of 1,528 workers.

Spokespersons for the airline indicated that the progress achieved was the result of a firm policy of cost adjustment, which included a staff reduction of about 15%. However, they clarified that these are preliminary figures. "The figure is being verified by an external auditor and will be made official once this process is completed and approved by the shareholders' meeting," they noted.

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Since it was nationalized in 2008, Aerolíneas Argentinas recorded an average annual operating deficit of around $400 million. In 2023, during the last year of the Kirchnerist government of Alberto Fernández, that loss was $390 million.

However, "the company's management focused from December 2023 on making the necessary transformations to prepare the company for privatization," they stated.