What happened to passenger air carriers during the war in Ukraine?

A third of Ukrainian airlines that operated between 2004 to 2023 have either ceased operations, gone bankrupt, or are in a state of termination. Among the 50 companies that submitted financial statements for 2022, Malaga Air earned the least, ₴1,500 ($35).

SkyUp Airlines showed the largest turnover, generating almost ₴3B ($77M). In the third quarter of 2023, SkyUp’s turnover amounted to ₴3.23B, and its turnover for three quarters exceeded 2022’s figure due to a change in business model and reorientation from Ukrainian to foreign markets.

In second place is Ukrainian Helicopters, which earned ₴2.7B ($69M) in 2022 and ₴2.9B in nine months of 2023. The company has a sufficient level of financial stability.

Ukraine International Airlines also made it to the top three. Turnover in 2022 was ₴1.75B, for the three quarters of 2023, it was ₴5.3M. This represents a 99% drop in income. The company had unsatisfactory financial stability and filed for bankruptcy protection at the end of 2023.