LOT Polish Airlines Posts $28 Million Profit In 2022

The Central European country’s flag carrier, LOT Polish Airlines, released its financial results for 2022 on July 6, 2023, capping months of data preparation and analysis.
After suffering a $320 million loss the year before, the carrier reported a gross profit of $28 million in the report. Notably, the airline’s profit in 2022 is the best it has achieved since reporting net results of over $53 million in 2018.
The airline has amply proven its capacity to overcome the difficulties brought on by COVID-19 and operate financially in a post-pandemic world.

Aside from the airline’s net positive profit, additional data points are important to note from LOT’s financial results announcement. Specifically, the breakdown of the revenue generation from the carrier’s two major divisions, LOT Polish Airlines (passenger) and LOT Cargo, provides some interesting insights.

Revenues from passenger operations have always provided the vast majority of the carrier’s income; in 2022, they totaled over $2 billion. Still, LOT Cargo has continued to expand rapidly, posting net revenues of over $250 million – the highest number ever from the carrier’s cargo division.

During the passenger travel slowdown of 2020 and 2021, cargo demand skyrocketed, and LOT, like many airlines, expanded its cargo operations to meet the market surplus. Now, from these financial results alone, we can see how LOT Cargo’s efforts over the past two years have begun to pay dividends.

In 2022, LOT Cargo notably doubled the size of its partnership with Edinburgh-based Menzies, a leading player in cargo operations at airports across Europe.

Throughout 2022, the Polish flag carrier completed over 90,000 flights carrying over 8 million passengers to the carrier’s 120 different destinations. The airline achieved this with an 80% load factor on its fleet of 75 aircraft.

Now, LOT stands in an extremely strong position for growth and expansion. Just last week, the carrier announced it would be launching flights from Wrocław to Seoul, South Korea, a unique choice given the lack of long-haul flights to the Polish city.

The airline’s leadership is greatly encouraged by the past year’s financial performance. Michael Fijol, the President of LOT’s Management Board, issued the following statement regarding the financial results announcement:

The data we’re publishing is the culmination of the enormous work and commitment exercised by the entire LOT team. Our passengers and commercial partners are always our focus. And the company’s financial results are a testimony to the fact that we know how to address their expectations properly. LOT is profitable, LOT is hospitable, and LOT is punctual.

Now, the Star Alliance carrier is prepared to continue expanding in the second half of 2023. This summer alone, LOT is flying a record 60 frequencies each week between North America and Poland.

With LOT Cargo demonstrating impressive growth and LOT’s passenger division regaining its pre-pandemic financial position, the Polish carrier is prepared for another strong year in 2023.

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