2024-05-24 18:05:24 ET
Wizz Air Holdings Plc (WZZAF)
Q4 2024 Earnings Call Transcript
May 23, 2024, 04:30 AM ET
Company Participants
Jozsef Varadi - CEO
Ian Malin - EVP and CFO
Robert Carey - President
Michael Delehant - EVP and COO
Conference Call Participants
Harry Gowers - JP Morgan
James Hollins - BNP Paribas
Jarrod Castle - UBS
Jaime Rowbotham - Deutsche Bank
Conor Dwyer - Morgan Stanley
Ruairi Cullinane - RBC
Muneeba Kayani - Bank of America
Sathish Sivakumar - Citigroup
Presentation
Operator
Good morning, everyone, and welcome to the Full Year 2024 Preliminary Results. In a moment, we'll be handing over to [Technical Difficulty] following that with Q&A session. For the benefit of those dialing in online, there'll be a microphone handed around the room. Don't worry, it won't amplify your voice. Just remember, we'll be taking questions from the room first before going online.
And with that, I'll hand over to Jozsef.
Jozsef Varadi
Thank you. Good morning, everyone. Thank you for coming. So this is reporting the results of the last financial year fiscal '24. And I hope the way you come across with that is that we delivered what we told you to deliver. So this year was delivered in line with our expectations and our guidance to the market. If -- could we move, please, the slide to the next one. Okay.
So net profit EUR366 million, this is a turn of EUR900 million year-over-year, and this is net profit. But if you look at operating profit, it is the same number. So the business has turned EUR900 million over the year, and we are delivering it in line with guidance. Capacity continued to grow, despite the challenges arising from the supply chain. On an ASK basis, we were up nearly 25%, and with that, we delivered a record traffic, of course, with 62 million passengers in the financial year. Previous record was the fiscal '23 with 51 million passengers.
We benefited from the revenue environment. RASK went up mid-single-digit, 4.6% year-on-year, much driven by improvement on ticket revenue. CASK, we think it was a very strong performance. You recall that we were explaining that last two years or so, we were operating business at suboptimal levels in terms of utilization of some of the operational KPIs. The financial year significantly improved on all accounts, we will deep dive into those. And as a result you see CASK improved significantly 15%. And it is interesting to put it in perspective vis-a-vis the rest of the industry, you will see that some of our competitors actually have gone to the opposite direction with regard to cost creep but we've been able to put cost under control. And as a result, we are now the lowest cost producer in the industry, on par with the previous cost leader. And we're seeing that we are well set for building cost advantage, unit cost advantage from here on a structural basis....
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Wizz Air Holdings Plc (WZZAF) Q4 2024 Earnings Call Transcript