Copa Airlines reports a net Q3 profit of $115.9 million
The Panamanian company Copa Holdings (owner of Copa Airlines and Wingo) reported a net profit of $115.9 million for the third quarter in 2022, following a 14.3% increase in total revenues compared to the same period in 2019, prior to the COVID-19 pandemic.
During the third quarter of 2022, and despite the notable impact of higher jet fuel prices, Copa Holdings delivered strong financial results. The company, which encompasses Panama’s Copa Airlines and Colombia’s Wingo, reported an operating profit of $143.7 million while also fully recovering its pre-pandemic capacity and having an average load factor of 86.8% on its flights.
Total revenue for the quarter increased by 14.3% compared to 2019 levels (when the airline obtained $809.4 million). Passenger revenue was 13% higher, while cargo revenue was 80.2% higher. Copa Holdings ended the quarter with a cash balance of $1.1 billion, representing 42% of the last twelve months revenues. When discussing the results, Copa Holdings stated,
“The company has a proven and very strong business model, which is built on operating the best and most convenient network for intra-Latin America travel from its Hub of the Americas (Panama City Tocumen International Airport, (PTY), based on Panama’s advantageous geographic position, low unit costs, best on-time performance, and a strong balance sheet.”
Copa Airlines and Wingo are known for being exclusive Boeing operators. The Panamanian carrier had some Embraer aircraft until very recently but employed the pandemic to move on from that particular fleet.
During the quarter, the company took delivery of one Boeing 737 MAX 9 aircraft, ending the quarter with a consolidated fleet of 95 aircraft. Copa has 67 Boeing 737-800s, 18 Boeing 737 MAX 9s, nine Boeing 737-700s, and one Boeing 737-800 freighter, compared to a fleet of 102 aircraft prior to the COVID-19 pandemic.
Subsequently, in October, the airline took delivery of one Boeing 737 MAX 9 and expects to receive one additional aircraft in November to close the year with a total fleet of 97 jetliners. Wingo, the low-cost branch based in Bogota’s El Dorado International Airport, currently operates nine Boeing 737-800s.
Copa Airlines has one of the most extensive route maps in the Americas. The airline is known for reaching every country on the continent, anchored by its 737 fleet and its base in Tocumen.
During the quarter, Copa Airlines started operations on one new route, connecting Tocumen International with Mexico City’s new Felipe Ángeles International Airport (NLU). Copa is the third non-Mexican carrier to launch flights to this destination, following the steps of Conviasa (Venezuela) and Arajet (the Dominican Republic).
