Net sales, on the other hand, grew by 4.4% year-on-year to 19.526 billion Brazilian reals (US$3.404 billion).

Brazilian airline Azul has increased its losses almost 12-fold, posting losses of R$8.235 billion (US$1.435 billion) in 2024, compared to losses of R$700 million (US$122 million) in 2023.

Net sales grew 4.4% year-on-year to R$19.526 billion (US$3.404 billion).

In passenger transport, which represents 92% of its turnover, Azul recorded a 4.4% increase in its turnover. In freight transport, the year-on-year increase was 5.4%.

Meanwhile, the company reported on Monday that costs rose 1.4% year-on-year to 16.018 billion Brazilian reals (US$ 27.927 billion).

Gross operating profit (EBITDA) reached a record figure of 6.071 billion Brazilian reals (US$ 1.058 billion), an increase of 16.4% compared to the previous year. The EBITDA margin was 31.1% (3.2 percentage points higher).

Azul CEO John Rodgerson has highlighted this EBITDA figure, while highlighting that the financial objectives for 2024 have been achieved.

Meanwhile, operating income has climbed in 2024 to 3.507 billion Brazilian reals (US$ 611 million), a figure 21% higher than that recorded in 2023.

In the fourth quarter, Azul also recorded losses, amounting to 3.95 billion Brazilian reals (US$ 688 million), compared to a profit of 403 million reals (US$ 70.2 million) in the same period of the previous year.

In addition, in terms of revenue, Azul achieved sales of 5.5 billion Brazilian reals (US$ 958.9 million), 10% higher than in the fourth quarter of 2023.

According to the CEO, this record figure is due to a healthy demand environment, solid revenues across all business units and increased capacity.