LOT Polish Airlines has revealed its development plans for 2024-2028, including growing the fleet and improving its air and ground presence.
By 2028, LOT Polish Airlines aims to achieve remarkable growth. The airline plans to expand its fleet with more modern aircraft, introduce new and exciting destinations, and prioritize environmental and social responsibility. With its strong financial performance, LOT Polish Airlines is on track to meet its ambitious goals.
“It’s who you travel with. After all, a good travel partner stands for safety, comfort, and a guarantee of successful plans. For nearly 95 years, LOT Polish Airlines has been just such a partner: reliable and important for successive generations of Poles. The strategy we have presented today is a promise for the decades to come. Global aviation is evolving before our eyes, and we will be one of the leaders of this evolution,” says Michał Fijoł, LOT Polish Airlines, CEO & President of the Management Board.
An Improved Flying Experience for Passengers
LOT Polish Airlines aims to enhance its operations and provide an improved flying experience for passengers. As part of their strategy, they plan to expand their fleet by 50% to 110 aircraft by 2028, compared to the current 75. In addition, they aim to increase the number of passengers by 70% to 16.9 million by 2028. LOT Polish Airlines will introduce new interior standards on wide-body aircraft to ensure customer satisfaction and offer Wi-Fi access on long-haul flights.
20 New Destinations
Moreover, the airline intends to extend its flight network by including nearly 20 new scheduled destinations, catering to both medium and long-haul flights. To further enhance the travel experience, LOT Polish Airlines will revamp and update the Polonez Business Lounge in Warsaw and introduce a business lounge in Chicago.
A Focus on ESG
LOT Polish Airlines is committed to social responsibility, focusing on sustainability and collaboration with the scientific, academic, and business communities. Additionally, they will contribute to the growth and development of the tourism market.
“I would like to say a big thank you to the entire team, our LOT family, for their extraordinary commitment in preparing the plan for the coming years. I believe that the implementation of the strategy will prepare LOT Polish Airlines for its second centenary year of operations,” added Michał Fijoł.
LOT Polish Airlines Reported Profit of PLN 113m in 2022
In June of this year, LOT Polish Airlines held its General Shareholders Meeting and approved the Company’s financial statement for 2022. The airline had a successful year, generating a profit of over PLN 113.7 million, with revenues surpassing PLN 8.3 billion. Additionally, LOT Cargo achieved a remarkable milestone by generating PLN 755 million in revenue.
LOT’s profits reflect the airline’s careful commercial and operational strategy implementation. The airline flew over 90,000 flights, carrying nearly 8 million passengers in 2022. Notably, the seat occupancy rate, also known as the Load Factor, exceeded 80%. These positive indicators provide reassurance for the future growth and success of LOT Polish Airlines.
“The data we’re publishing is the culmination of the enormous work and commitment exercised by the entire PLL LOT team. Passengers, business customers, and LOT’s commercial partners – are all at the center of our attention. And the company’s financial results testify to the fact that we know how to address their expectations properly. Furthermore, they allow us to be cautiously optimistic about the perspective of repayment of liabilities resulting from state aid and the accomplishment of our ambitious development assumptions,” said Michał Fijoł.
“LOT is profitable, LOT is hospitable, and LOT is punctual,” added President Fijoł, presenting the Cirium ranking, which shows that the Polish Carrier has regularly been among Europe’s top three most punctual airlines.
The ongoing conflict in the Ukraine has deeply affected LOT Polish Airlines. As a result, the airline has canceled 11 of their flights to avoid the conflict zone. Consequently, LOT has had to extend long-haul flights to Asia by more than 2 hours to navigate around the affected area. Additionally, the airline has been grappling with the impact of the COVID-19 pandemic, which has caused unprecedented challenges for the aviation industry.
About LOT
LOT Polish Airlines prides itself on being a contemporary carrier, connecting Central and Eastern Europe to destinations worldwide. With direct long-haul flights, LOT offers passengers a seamless travel experiences to airports in the United States, Canada, China, Japan, and South Korea. The airline has continuously expanded its flight offerings to these destinations, solidifying its presence as a key regional player. Furthermore, LOT’s long-haul flights operate on state-of-the-art Boeing 787 Dreamliners, renowned for their advanced capabilities. Launched in 1929, LOT Polish Airlines is the world’s 12th oldest airline, proudly representing Poland on the global stage.
PLL LOT is one of the most important Polish companies. It guarantees logistics security and is the engine of the domestic economy. The aviation industry, directly and indirectly, creates over 170 thousand jobs in Poland.
A State-Owned Enterprise
The share capital of the company amounts to PLN 203.214.923,28. It is divided into 780,381,854 shares with a nominal value of PLN 0,08 each.
PLL LOT’s shareholders:
- State-owned enterprise – 69,30%
- Polish Aviation Group PGL S.A. – 30,7% of shares