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Korean Air recorded a revenue of KRW 2.8259 trillion (USD 2,383.7 million) and an operating profit of KRW 704.4 billion (USD 594.2 million) in its fourth quarter financial results.


For the full year of 2021, the airline reported KRW 8.7534 trillion (USD 7,383.7 million) in revenue and KRW 1.4644 trillion (USD 1,235.3 million) in operating profit. Korean Air achieved all-time records for both quarterly and annual operating profits in the company’s 53-year history.

※ Previous quarterly operating profit record: KRW 447.6 billion, Q3 2016

    Previous yearly operating profit record: KRW 1.1589 trillion, 2010

  • The quarter marked a record milestone for the airline’s cargo business, pulling in KRW 2.1807 trillion in revenue. Peak demand during the year-end holiday season and constraints in passenger jet belly space due to reduced operations have led to a noticeable increase in fares. The airline was able to respond proactively to the global  supply chain disruptions and operational restrictions caused by the Omicron variant, and provide clients with reliable services.

            ※ Previous quarterly cargo revenue record: KRW 1.6503 trillion, Q3 2021

  • While the spread of COVID variants delayed the airline’s passenger business recovery, the business saw revenue increase by 14% to KRW 379.5 billion with a rise in passenger traffic bolstered by quarantine-free travel extended to destinations such as Guam, Singapore and Hawaii from Korea.

  • The spread of the Omicron variant may further delay the normalization of global supply chain woes, and subsequently change global consumption and investment patterns. The cargo business will keep these uncertainties in mind as it strengthens its operational capabilities to render stable and dependable air cargo capacity, and actively responds to market changes by operating charter and cargo-only passenger flights.

  • Korean Air expects the speed of passenger demand recovery to be determined by the COVID-19 variant situation and border regulations. The airline plans to continue to flexibly operate routes to respond to market trends.

<2021 Full Year Results (Non-consolidated)>

  * Unit: KRW billion (USD million)

KRW/USD exchange rate: 1185.5

2021

2020

Remarks

Revenue

8,753.4

(7,383.7)

7,405

(6,246.3)

+18% YoY

Operating Profit

1,464.4

(1,235.3)

238.3

(201)

+515% YoY

Net income

638.7

(538.8)

-194.6

(-164.2)

Turned Surplus

 <2021 Q4 Results (Non-consolidated)>

  *Unit: KRW billion (USD million)

KRW/USD exchange rate: 1185.5

Q4  2021

Q4 2020

Remarks

Revenue

2,825.9

(2,383.7)

1,859.4

(1,568.5)

+52% YoY

Operating Profit

704.4

(594.2)

146.5

(123.6)

+381% YoY

Net income

403.5

(340.4)

720.9

(608.1)

Reduced surplus