These figures are part of the airline's fourth quarter results for last year.
The LATAM Airlines Group closed 2024 with net profits of US$977 million, almost double what was reported last year. It also transported 82 million passengers and increased its consolidated capacity by 15.1% in 2024, compared to 2023, in line with the latest growth guidance updated last October.
These numbers are part of LATAM's fourth quarter 2024 results report.
In 2024, LATAM had total operating revenues of US$ 13,034 million, 10.6% more than in 2023.
In the fourth quarter, revenues reached US$3.395 billion, with cargo revenues increasing sharply by 29.1% compared to the same quarter last year.
Adjusted operating income reached US$1.66 billion in 2024, recording an adjusted operating margin of 12.7%, 1.5 percentage points higher than in 2023, a record annual figure for the group.
In terms of capital structure, LATAM closed 2024 with US$3,533 million in liquidity and achieved a net debt ratio of 1.7 times.
During the year, the LATAM group generated more than US$243 million in cash, even after the US$207 million used in its refinancing and the payment of dividends of US$175 million.
The group also achieved an adjusted EBITDAR of US$ 3,108 million, representing an increase of 22.7% year-on-year.
"2024 was a period of great progress for LATAM, characterized by solid cash flow generation, reflecting its efficiency and notable growth in its size, network and operations. Added to this was its ability to control costs. This performance has been guided by the new purpose: 'Elevate every journey, always', which reaffirms our commitment to offering a meaningful experience from the moment a customer chooses to fly with LATAM," said Roberto Alvo, CEO of LATAM Airlines Group.
Financially, a key milestone in 2024 was the return of LATAM Airlines Group to the New York Stock Exchange (NYSE), in addition to the refinancing of most of its non-fleet debt, which allowed it to significantly reduce its interest expenses and strengthen its balance sheet and cash flow generation.
In December, the group signed its first “ Sustainability-Linked Loan” for a total of US$300 million, becoming the only airline in South America to have carried out a financial transaction of this type up to that time.
OPERATIONAL GROWTH AND CUSTOMERS
During 2024, the LATAM Group continued to offer its passengers unparalleled connectivity with 151 destinations in 27 countries, achieving a consolidated load factor of 84.3%, 1.2 percentage points higher than in 2023. In the last twelve months, the Group received 16 aircraft, totaling a fleet of 347 aircraft.
In addition to being the only airline group in the region that connects South America with North America, Europe, Oceania and Africa, the LATAM group kept its customers at the center of its business.
For them, it has a unique proposal that adapts to different styles and needs and that seeks to provide an excellent service by offering them the frequent flyer program (FFP), LATAM Pass, which reached 49 million members in 2024, remaining the largest program in the region.
Within this framework, LATAM positioned itself among the top five global airline groups in punctuality, reaching, at the same time, 51 Net Promoter Score (NPS) points for the entire year 2024, 3 points more compared to 2023, the highest in its history. The NPS is the tool that the group uses to measure customer satisfaction.
In turn, in 2024, the LATAM group saw improvements in customer service and a decrease in the complaints rate.
In Chile, LATAM reduced the rate by 21.8% compared to 2023 and has had a 70% reduction in claims over the last five years, according to the report prepared by the Civil Aeronautics Board (JAC) based on figures from the National Consumer Service (SERNAC).
In Colombia, LATAM Airlines Colombia has reduced its rate of complaints to the two authorities that ensure the protection of users: in the case of the Superintendency of Transport, 1,103 complaints were filed, 11% less compared to 2023, which corresponds to 0.01% of the total passengers transported by the airline in 2024.
51% fewer complaints were reported to the SIC Facilita platform of the Superintendency of Industry and Commerce, compared to 2023.
For its part, LATAM Airlines Brasil was chosen as the airline with the Best Service in Brazil according to the Reclame Aqui portal.
This recognition is considered one of the most relevant in terms of service and reputation in Brazil and is the result of a series of investments made by the group to enhance the experience of its passengers.
Always thinking of its customers, in 2024 the process of renovating the aircraft continued, which included a complete change of the interior of the cabins with new seats, on-board entertainment and design improvements.
To date, 100% of the narrow-body fleet and 54% of the wide-body fleet have been renewed.
The group also made progress in implementing free Wi-Fi for LATAM Pass customers on domestic and regional flights on its narrow-body aircraft, a service that covers 100% of the fleet in Brazil and 75% in its subsidiaries in Chile, Peru, Colombia and Ecuador.
SUSTAINABILITY
In 2024, the LATAM Group continued with its sustainability strategy that seeks to minimize impacts on the environment and generate social, environmental and economic value for the countries where it operates.
At the end of the year, in the Circular Economy pillar, the LATAM group achieved the elimination of 97% of single-use plastics in its entire operation, equivalent to more than 1,700 tons.
In 2024 alone, 280 tons of waste were recycled on domestic flights. In Climate Change management, from 2010 to 2024, the group has managed to avoid 4.5 million tons of CO2, while, in Shared Value, the LATAM group maintains nearly 50 alliances with social and environmental organizations.
Last December, LATAM rejoined the Dow Jones Sustainability Index and was recognized as the fifth most sustainable airline group worldwide and the most sustainable in the Americas, according to S&P Global's latest Corporate Sustainability Assessment (CSA).
This achievement underlines the Group’s ongoing efforts to position sustainability as a strategic pillar across all its operations.
