Azul posts record Q4 revenue on domestic recovery and cargo boom

Brazil’s Azul achieved record revenue during Q4 2021 as it continued to build out its domestic passenger and cargo operations. The Sao Paolo-based airline on 24 February reported revenue of R3.7b ($720m) in the final three months of the year, compared to R1.8b in the same quarter in 2020. The Q4 2021 figure was 14.7% higher than revenue in Q4 of pre-pandemic 2019, and a company record. For the full year, revenue topped R8.8b, up from R5.1b in 2020. “During the quarter, we continued to focus on our domestic network. We are now flying to almost 150 destinations, a remarkable addition of more than 30 destinations compared to 2019,” says chief executive John Rodgerson. “Over time, the growth from these new destinations will contribute significant incremental demand to our network.” “Our strong fourth-quarter results give us confidence in our business model,” he adds. Azul posted a Q4 loss of R946m, primarily owing to a financial expense that included interest accrual, lease liabilities and an unfavourable exchange rate. Its earnings before interest, tax, depreciation and amortisation (EBITDA) was R1.03b, 16% below the R1.23b it reported in Q4 2019.<br/>