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PLAY Achieves First Ever Operational Revenue

LONDON – Final week the Icelandic provider, PLAY, has introduced that they’ve achieved their first ever working revenue throughout their third quarter (Q3) of 2022.

Q3 Outcomes

For the primary time in its historical past of operations since beginning again in June 2021, PLAY has recorded its first ever operational revenue (EBIT) of $1.3 million throughout Q3 2022. By way of income the provider has recorded $59.9 million this quarter, which is $27.4 million above what they achieved in Q2 2022.

Regardless of the revenue throughout this quarter nevertheless, the provider is anticipating that their second half outcomes and full 12 months outcomes will nonetheless have a adverse EBIT.

Alongside the revenue that PLAY had achieved throughout this quarter, their load issue was additionally passable with a mean load issue of 85% for the quarter, with October alone attaining a load issue of 81.9% with the provider taking up roughly 92,000 passengers throughout October alone .

For the whole lot of Q3, PLAY carried a complete of 311,000 passengers and for his or her whole 12 months of 2022, they’re anticipating to have carried round 800,000 passengers which works out at roughly 65,000 to 70,000 passengers per thirty days on common.

By way of their present liquidity state, PLAY sits comfortably on money and money equivalents of $29.6 million, which incorporates unrestricted money with an fairness ratio of 12.1% provided that PLAY has no exterior debt.

Trying ahead into the brand new 12 months (2023) PLAY is forecasting a drastic passenger depend enhance from between 1.5 to 1.7 million passengers for your complete 12 months. This can be a coupled with an anticipated turnover of between $310 to $330 million which might equate to the carriers first ever full worthwhile 12 months of operations.

PLAY’s Chief Govt Officer, Birgir Jónsson has commented on the carriers first worthwhile quarter, saying, “This was the primary quarter the place we had our full transatlantic operation up and operating. Because the majority of our locations had been brand-new to our community, the PLAY model was principally unknown in these markets.”

“I really feel that it’s a important achievement for such a younger firm to have made an operational revenue (EBIT) beneath these circumstances and that it isn’t one thing to be taken without any consideration. Our load issue within the quarter was very acceptable at 85% for a brand new market entrant and seeing that development persevering with into the winter months is an effective signal.”

“We won’t attain our beforehand acknowledged goal of attaining a optimistic operational revenue within the second half of this 12 months. We might have wished to see a stronger end result within the quarter, however we now have been battling a really difficult exterior market setting which has negatively impacted our monetary efficiency.”

“Gasoline costs have continued to remain at excessive ranges, and the overall demand was decrease than anticipated in late summer season and fall. This was particularly evident for passengers coming to Iceland because the Icelandic tourism trade gave the impression to be at most capability with lodge and rental vehicles both totally booked or prohibitively costly.”

“We’re already seeing optimistic change on this regard for subsequent 12 months but additionally acknowledge that the persevering with financial uncertainty in our markets will possible impression demand. The takeoff for PLAY has been very profitable in some ways however it should be mentioned that the exterior enterprise setting has made the monetary takeoff heavier for us than we had hoped.”

“Gasoline costs and different important components haven’t labored in our favor. Due to this fact, we’re not happy with the monetary efficiency of the corporate this 12 months. We do, nevertheless, see many optimistic indicators in our enterprise, and we totally anticipate seeing a optimistic operational revenue in 2023 as our income base matures and we change into extra established in our operation and markets.”

“The fabulous PLAY group is already laborious at work getting ready for our subsequent enlargement section and is hiring folks, receiving 4 extra plane, and including new locations to our community. I look ahead to the long run as we’re already seeing PLAY develop into a robust and worthwhile low-cost airline with a rising income base and blissful clients.”


It’s nice to see such a younger and new provider doing properly and this definitely paints a vivid image for PLAY’s future. With a steadily rising fleet and locations checklist, PLAY is definitely PLAY-ing it protected to make sure they maximize their full profitability.

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