Aerolineas Argentinas registered a surplus of US $ 20.2 million in 2024 after 16 years of deficit

The state company that leads Fabián Lombardo carried out an assembly of shareholders in which he discussed the balance corresponding to 2023, year in which the airline reported a new negative exercise. According to a statement from the current management, the poor performance of the firm occurred despite having captured “more than US $ 500 million of extraordinary financial profits thanks to the exchange gap”, which allowed it to “artificially and temporarily reduce its demand for treasure resources “.

Due to the bad results reported In that exercise, the representatives of the state actions voted to disapprove the management of the board of that time, at the head of Pablo Cerianiwhose members were displaced from office when Javier Milei He arrived at the presidency of the Nation in December 2023.

Aerolineas Argentinas recorded operational profits for the first time in 16 years

During the Assembly, the current head of Aerolineas Argentinas, He said that for the first time in 16 years the company will report Operational gains at Ebit level. Lombardo reported that the company’s balance by 2024 reflected a surplus of US $20.2 million.

From the company they indicated that the improvement in that result “occurred in the operation itself, that is, For the first time since its nationalization in 2008, Aerolineas Argentinas registered income greater than the costs required for its operation“. The average annual operational loss since it passed at the hands of the State was US $ 400 million at the EBIT level (profits before interest and taxes).

“This achievement was accompanied by a reduction in the debt consolidated in dollars of 25% without having affected the company’s cash level, in addition, this year was the lowest volume of accrued funds for current expenses by the national treasure in favor of the company since its nationalization, “Lombardo said during his presentation.

In addition, according to the company’s projections, during 2025 they will not ask for assistance to the Treasury. “The entire operation will be sustained with genuine income from the company itself. This will place Aerolineas Argentinas as an asset of value that will allow your shareholders to evaluate all alternatives without limitations Future for the company, “said Lombardo.

In the flag airline they indicated that the improvements were consolidated from “a Aggressive cost reduction policy which included the Low of more than 13% of your personnel plantcarrying the number of employees at the lowest level in 14 years and achieving the lowest average employees by plane in the company’s history. “The company carried out Two volunteer retreats in which more than 1600 people left the company. In addition, they reduced 85 hierarchical positions, including 8 directions, 20 management and another 57 positions of various categories.

In that line, negotiations with the unions that occurred on the end of last year were conducted with the premise of increasing the productivity of the fleet and the flight and land personnel. “This year’s work was focused on bringing the company closer to industry standards, and improving its result to make it attractive for a market exit when the conditions are given,” Lombardo concluded.

The Government promotes the privatization of Aerolineas Argentinas

Having been out of the list of companies to privatize in the Law Bases, The ruling refloated at the end of the year the idea of Sell ​​Aerolineas Argentinas, Within the framework of the conflict with the aeronautical guilds and the strikes that happened. In October, the Government took the first step in declaring as “subject to privatization” to the aerocomercial company.

With the firm of the president Javier Milei, he Decree 873/24 It allows the National Administration to take the first step to get rid of the state company. Because to culminate the privatization process, the intervention of Congress is necessary, the libertarian administration worked to achieve the necessary consensus that allowed it to include the project in the agenda of extraordinary sessions, something that finally did not happen.

Among the reasons that the government argues in the decree, they indicate that The National Treasury “is not in a position to maintain a highly deficient company Through the contribution of hundreds of millions of pesos that come from the effort of the inhabitants of the Argentine Republic. “

In addition, they argue that “the privatization of the company and its operation in market conditions will allow a better service provisionthe care of public coffers and, mainly, that Argentines stop financing the deficit of an inefficient company. “

The Executive seeks to detach himself from the flag airline, protecting himself in article 9 of Law No. 23,696 on Menemist State Reform. After the failed experience of Marsans, The company could return to private hands.