Azul reports higher Q4 earnings as it taps into new markets and keeps costs low

Brazil’s Azul increased Q4 revenue and profit in 2023, as it tapped into new markets while keeping costs in check. Earnings before interest, tax, depreciation and amortization (EBITDA) at the Sao Paulo-based carrier climbed a third to reach R1.47b ($290m) in Q4, the company said. For the full year 2023, Azul EBITDA rose 61% to R5.2b – a figure that the company hopes to increase to “around R6.5b” in 2024. “Azul continues to be unique,” says CE John Rodgerson. “Our broad network serves 160 destinations, roughly 100 more than anyone else, enabled by a flexible fleet which allows us to access demand that was never explored before. These structural competitive advantages have only grown over time as we stay true to our business model.” Net profit during Q4 jumped to R403m, up almost 75% from 231m in the same quarter in 2022. For the full year 2023, the company halved its unadjusted net loss to R700m as fuel prices fell and it earned less from derivative financial instruments than in 2022.<br/>