Caribbean Airlines Reports US$12.1 Million Operating Profit in 2024

Caribbean Airlines (CAL), owned by Trinidad & Tobago, reported an operating profit of US$12.1 million in 2024, a 51 percent decline from the US$24.7 million recorded in 2023, Finance Minister Colm Imbert announced.

Speaking at a customer appreciation event, Imbert highlighted CAL’s significant turnaround in 2023, when it recovered from a US$36.7 million operating loss in 2022 to a US$24.7 million profit. The decline in 2024 was attributed to rising maintenance, handling, and security costs.

Despite these challenges, CAL’s revenue grew 5.2 percent to US$444.6 million. However, international route earnings dropped by US$15 per passenger due to increased competition. Imbert praised the airline’s resilience and ongoing expansion efforts, including discussions with Saudi Arabia’s Air Connectivity Programme to enhance global connectivity.

As CAL’s majority shareholder, the government has consistently supported its operations, particularly the domestic airbridge. In 2019, a policy decision increased ticket subsidies by TT$105 (US$15.46) per adult and TT$155 (US$22.81) per child, with total subsidies ranging from TT$40 (US$5.89) million to TT$73 (US$10.75) million annually between 2015 and 2024.

During the COVID-19 pandemic, the government provided additional assistance, covering approximately TT$285 (US$41.96) million in lease obligations and fuel payments to National Petroleum Marketing Limited.