By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Travel Radar - Aviation NewsTravel Radar - Aviation News
  • Breaking News
  • Aviation
    • Aircraft
    • Airlines
    • Airshow & Events
    • Careers
    • Manufacturing
  • Travel
    • Airports
    • Points & Loyalty
    • Technology
    • Trip Reviews
  • Newsletters
Reading: Icelandair Starts 2022 with an Excellent Financial Position
Share
Sign In
Notification Show More
Font ResizerAa
Font ResizerAa
Travel Radar - Aviation NewsTravel Radar - Aviation News
  • Breaking News
  • Aviation
    • Aircraft
    • Airlines
    • Airshow & Events
    • Careers
    • Manufacturing
  • Travel
    • Airports
    • Points & Loyalty
    • Technology
    • Trip Reviews
  • Newsletters
Have an existing account? Sign In
Follow US
Copyright © Travel Radar Media Ltd. 2024 | All Rights Reserved
Travel Radar - Aviation News > News > Icelandair Starts 2022 with an Excellent Financial Position

Icelandair Starts 2022 with an Excellent Financial Position

Sarah Gharib
Last updated: 3 November 2022 16:59
By Sarah Gharib 3 Min Read
Share
Icelandair Boeing 737
SHARE

Icelandair has just announced that it is ending its government credit facility requirement. The carrier has put behind the financial bad times and started 2022 in good shape and states it has survived the pandemic and its economic implications.

Icelandair Boeing 737
Icelandair Boeing 737 © Anton Jerad / Travel Radar

Government Credit Facility

The airline was given a $120 million credit facility by the Icelandic government and state-run banks; Íslandsbanki and Landsbankinn, in September 2020. They performed so efficiently that they ended the two-year agreement seven months before it was due to end.

Bogi Nils Bogason, Chief executive and President of Icelandair stated,

“It is gratifying to announce our termination of the government-backed facility almost eight months ahead of schedule and without ever having had to draw on it. The facility was a key component in the successful financial restructuring which was made possible through the coordinated efforts of all major stakeholders.”

Icelandair Route Map
Icelandair’s Route Map © Icelandair

He continues, “As the aviation industry moves closer to normal operations, I am confident we have what it takes to reach our primary objective coming out of the pandemic – to return to sustainable operating results.”

Covid Period Statistics

Icelandair Group stated on 7 February,

“The credit facility was vital to complete the financial restructuring, enabling the company to maintain valuable know-how and preserve the infrastructure necessary for an efficient ramp-up of its operations post-Covid.”

The traffic data released by Icelandair Group shows that the carrier had 113,000 passengers during the month of January. With the associated load factor of 60% in January 2022, compared to just 39% in January 2021.

A glance at the company’s financial performance pre and through the pandemic shows that they had a decent net profit of over $89 million in 2016-17 and nearly $38 million in 2017-18. They dipped into negative net profits of over $55 million, $57 million, and most recently $376 million between 2018-20.

Due to the less severe effects of the Omicron variant experienced by passengers, the company has noticed a growth in the number of bookings for the months ahead.

 

Which airline do you think will be next to end its government credit facility? Let us know in the comments below!

You Might Also Like

TAP Air Portugal Celebrates New Los Angeles Route with Giveaway

IndiGo and BIAL: Sign MoU for MRO facility at Kempegowda International Airport

Emirates to Reintroduce Damascus Flights Starting July 16

Tourism Season Lost in Turkey as 4000 Hotels Face Closure

Busiest Airline and Aircraft for Air Travel in 2025

Share This Article
Facebook Twitter Email Copy Link
What’s your thoughts?
Love0
Sad0
Happy0
Angry0
Sarah Gharib
By Sarah Gharib
Jr Journalist - Sarah is anAviation and Travel enthusiast based in London. At Travel Radar she reports on the latest industry news, developments and passenger experiences. Outside of journalism, she has experience working in broadcast TV and Photography.
Previous Article BA A320 @Andrea Ongaro / Travel Radar Insects infest BA and Virgin Atlantic Planes at Heathrow
Next Article United Nigeria Airline © Creative Commons Nigerian Airlines Risks Financial Hardship with Rising Fuel Costs
Leave a comment
Subscribe
Login
Notify of
guest
guest
0 Comments
Oldest
Newest Upvoted
Inline Feedbacks
View all comments

Stay Connected

FacebookLike
TwitterFollow
InstagramFollow
YoutubeSubscribe

Trending News

Al Ain and Emirates partner for FIFA Club World Cup 2025.
Emirates re-enters FIFA 2025: A new partnership with Al Ain FC
Airshow & Events
Boeing landing at sunset
Menzies Aviation: ‘All In’ Sustainability Ground Handling Services
Technology
IATA Awards 2025
2025 IATA Diversity and Inclusion Award Winners Revealed
Aviation Careers Did You Know
A Photo of a Departing FedEx Airplane
FedEx and Neste Launch Sustainable Aviation Fuel Initiative
Airline Economics Airlines Aviation
Garmin SmartCharts
Garmin Simplifies Aviation Charting with SmartCharts
Aviation Technology Travel
//

Travel Radar is the leading digital hub for all things aviation and air-travel. Discover our latest aviation news, aviation data, insight and analysis.

Discover

  • About Us
  • Contact Us
  • Careers
  • Press & PR
  • Privacy & Legal

Our Content

  • News
  • Data
  • Images
  • Jobs
  • Subscribe

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Click here to Signup!

© Travel Radar Media Ltd. 2015-2025 | ISSN #2635-0696 | Trademark #UK00003579704
wpDiscuz
adbanner
AdBlock Detected
Ads help us bring you high-quality, independent journalism for free. Support us by whitelisting us from your ad blocker.
Okay, I'll Whitelist
Welcome to the TR Community!

Sign in to your account

Register Lost your password?