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Paul Sies Paul Sies

Cyprus Airways Recorded Revenue Growth in November 2023

The geo-political tensions in the Middle East have negatively impacted Cyprus Airways. During the month of November, the airline carried 41 percent less passengers and operated 12 percent less flights than 2022. This reduction was however offset by a 21 percent increase in revenues, 115 percent increase in average fares and a significant increase in the net income position. Routes like Dubai, Paris and Milan also performed better and helped the Airline compensate for the loss of traffic.

Safety is our top most priority and due to the regional tension operations to both Tel Aviv and Beirut were temporarily suspended. Additionally, the airline’s flights to Yerevan required adjustments in flight paths, leading to extended travel times. This change, coupled with the existing limitations of using Turkish airspace, has necessitated a strategic re-evaluation of our route efficiency and competitiveness.

 Despite these challenges the airline took immediate action underscoring the adaptive nature of Cyprus Airways in changing circumstances.

 Looking ahead, Cyprus Airways is proactively adapting to the current operational environment. CEO, Paul Sies, remarked, "Despite the challenging regional circumstances, we're encouraged by the resilience and adaptability of our operations. Not only, our strategic pricing and operational adjustments have led to noteworthy revenue increases. This improvement is partly attributed to our newly implemented AI-driven revenue management system and the introduction of Business Class, both enhancing our service offerings.

 Sies added, “The situation, while unfortunate, has not deterred our commitment to providing quality service. We are redirecting our resources effectively, including deploying one of our Airbus A320 aircraft for exclusive operations with our partner, Aegean, and increasing our charter flight frequencies. Moreover, our recent success in securing several Presidential flight contracts and the upcoming launch of the Larnaca-Brussels route in early February are expected to positively influence our winter performance.

 In these changing times, Cyprus Airways remains dedicated to navigating through complexities with a balanced approach, prioritising safety, operational integrity and sensitivity to global events. The Airline appreciates the continued support of our passengers and partners as we adapt and grow in these dynamic conditions.