Air Serbia has officially entered a new chapter in its growth story by announcing a record profit of €40.5 million ($44.1 million) for the year 2024. This impressive milestone marks the airline’s highest financial result in its 10-year history and underscores its rapid evolution from a modest regional carrier to a competitive force in European aviation.
What makes this achievement even more notable? It was accomplished entirely without state subsidies—a rare feat in today’s aviation sector, especially given the challenging economic landscape.
Massive Route Expansion Drives Revenue and Passenger Numbers
Fueling this financial success was an aggressive network expansion. Air Serbia added 23 new destinations across its network, tapping into high-demand markets and improving global connectivity. This bold move paid off, pushing total revenue to nearly €628 million.
In tandem with its expanded footprint, the airline reported carrying nearly 4.2 million passengers in 2024—a significant leap from the previous year. The increase in both direct and transfer traffic signals not just volume, but also improved route efficiency and strategic alignment with passenger demand.
CEO Jiri Marek: Growth Was “Inevitable”
Air Serbia’s Chief Executive Officer, Jiri Marek, pointed to the airline’s accelerated growth in 2022 and 2023 as a deliberate effort to meet rising travel demand and build “critical mass” in the market. According to Marek, this foundation is essential for future scalability, stability, and service quality.
Now that this mass has been achieved, the airline plans to shift its focus to refining its operations, deepening market penetration, and elevating passenger experience. Upcoming initiatives include service enhancements, route optimization, and the addition of newer aircraft models to improve efficiency and capacity.
Fleet Expansion and Operational Improvements Ahead
Looking ahead, Air Serbia has “ambitious” plans to expand its fleet—primarily by adding more regional ATR 72-600 aircraft. The company is also enhancing its ground operations at its Belgrade hub, transitioning its handling operations from the airport authority to Menzies Aviation, a move aimed at boosting efficiency and reliability.