First quarter 2024: Good dialogue with owner to ensure sustainable financial framework conditions


[Oslo, 14 May 2024] -Measures to improve revenues and profit are high on the Group's agenda, and Avinor is working continuously to optimise costs in its operations. There is good dialogue with the owner to ensure sustainable financial framework conditions for Avinor going forwards, says Abraham Foss, CEO of Avinor.

Photo: Avinor
Photo: Avinor

In the first quarter of 2024, a total of 10.8 million passengers travelled via Avinor's airports, an increase of 3.5 per cent compared to the same period in 2023. Passenger growth for international traffic has been 11.1 per cent, while domestic traffic has decreased by 0.7 per cent.  

Although the number of passengers has increased in 2024, there is a decrease in the number of aircraft movements. Passenger load factor per flight is therefore increasing. 

Higher international traffic contributes to stronger earnings
The Group's total operating revenues for the first quarter of 2024 amounted to NOK 2,507 million, corresponding to an increase of 2.1 per cent compared with the first quarter of 2023. Adjusted for insurance settlements in the first quarter of 2023, revenue growth was 7.2 per cent. Higher international traffic and growth in air navigation activities (number of service units) contributed to the increase. 

Within airport operations, revenue growth is driven by an increase in the number of passengers as well as profit per passenger. Revenue growth was 8.0 per cent, while passenger growth in the period was 3.5 per cent. Commercial revenues account for 54.2 per cent of total operating revenues for airport operations in the first quarter of 2024, compared to 50.8 per cent in the corresponding period in 2023. 

Significant costs associated with winter operations
The first three months of 2024 have been characterized by winter operations. During the quarter, several airports were closed to air traffic for short periods due to demanding weather conditions.  

The Group's operating expenses for the first quarter of 2024 amounted to NOK 2,185 million, corresponding to an increase of 9.4 per cent compared with the first quarter of 2023. In the first quarter of 2024, NOK 48 million was expensed in increased environmental clean-up obligations as well as NOK 25 million in provisions for severance pay/gift pension. Adjusted for these, the cost increase was 6.0 per cent compared with the first quarter of 2023.  

Part of the cost increase is due to volume-related expenses for personnel and security. Demanding winter conditions have also resulted in both increased labour costs and operating costs to ensure safe and stable operations during the period. The cost development in relation to the increase in traffic volume indicates that the unit cost per passenger has increased by 0.5 per cent in the first quarter of 2024 compared with the first quarter of 2023. 

Funds to accelerate zero- and low-emission aviation
In the National Transport Plan (NTP) for the period 2025-2036, which was presented before Easter, the Government has allocated NOK 1 billion to accelerate the transition to zero- and low-emission aviation. Provided that the funds are approved in the national budget on an ongoing basis, they will be used, among other things, to strengthen the professional and regulatory facilitation, and to develop necessary infrastructure at the airports. 

The development of necessary infrastructure at Avinor's airports is a prerequisite for Norway to be an attractive arena for the development and testing of new solutions, both for national and international players. In its input to the NTP, Avinor has been clear that this will require access to financial instruments outside of Avinor's financing model. 

"A united industry has called for carrots to enable the transition, not just for sticks in the shape of increased taxes. It is therefore gratifying that the government is showing clear political will to speed up the implementation of the green transition in aviation. Now, we will work hard to facilitate concrete allocations", says Abraham Foss. 

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Avinor is a wholly-owned state limited company under the Norwegian Ministry of Transport and Communications and is responsible for 44 state-owned airports. Avinor has taken a leading role in reducing climate gas emissions from the aviation industry, including the development of electric aircrafts and supplying sustainable jet-biojetfuel. Avinor provides safe and efficient travels for around 50 million passengers annually, half of which travel to and from Oslo Airport. Over 3000 employees are responsible for planning, developing and operating an efficient airport and air navigation service. Avinor is financed via airport charges and commercial sales. The air navigation services is organized as ​subsidiary wholly-owned by Avinor. Avinor's headquarter is in Oslo.

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Transition to zero and low emission aviation requires a coordinated effort on a European level28.5.2024 15:59:29 CEST | Press release

[Brussels, 28 May, 2024] – At a seminar on zero-emission regional aviation in Brussels on Tuesday, May 28th, the Norwegian Ministers of Foreign Affairs and Transport, the European Union Aviation Safety Agency (EASA), as well as other key European stakeholders, representatives from Norwegian airport operator Avinor and the Norwegian Civil Aviation Authority underscore the importance of coordinated efforts to drive the transition to zero and low emission regional aviation.

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