Nordica (ND, Tallinn Lennart Meri) and Xfly (Estonia) parent Nordic Aviation Group has signed an ACMI agreement with Cyprus Airways (CY, Larnaca) for Summer 2023 and has also started operating for TAP Air Portugal (TP, Lisbon), while the group’s fleet is set to reach 22 aircraft in the second quarter of 2023, the group revealed in an update of its results during 2022.

The 100% state-owned Estonian airline reported a rise in revenue of 51% during the year, to EUR90.6 million euros (USD95.8 million), helping it post a net profit of EUR1.51 million (USD1.6 million).

Calling the results “acceptable” in the face of “global economic challenges and the Russian aggression in Ukraine,” the group’s CFO Eteri Harring claimed the company had during 2022 “transformed the Nordica business model into an Airbus A320 ACMI operations provider.”

Group CEO Jan Palmer summarised that Nordica and Xfly currently have “more cooperation offers to deal with than it can take on.” He referred to upcoming contracts including one with start-up carrier Marabu, an Estonian affiliate of Condor (DE, Frankfurt International), which is planning to wet-lease three A320neo from Nordica during the Summer 2023 season while operating a single aircraft of the type in-house.

“This year we have already signed two new contracts for the periods to come. We have formalised our cooperation with Marabu according to which we additionally provide back-office and additional services, and we have entered into an aircraft, crew, maintenance, and insurance (ACMI) agreement with Cyprus Airways for the upcoming summer season,” he revealed.

He added that Nordic Aviation Group had also started operating for TAP Air Portugal, “where additional ATR72-600 aircraft will be added to the fleet serving the airline soon.”

The group’s fleet “increased by two aircraft in the past year” in a period when it also introduced its first A320, and it “is set to reach 22 aircraft in the second quarter of 2023,” the statement said.

While Nordica so far operates only a single A320-200, Xfly operates seven ATR72-600 turboprops and nine CRJ900ERs, the ch-aviation fleets advanced module shows, all of which currently operate for SAS Scandinavian Airlines (SK, Copenhagen Kastrup).

Editorial Comment: Clarified that Marabu is an affiliate not a subsidiary of Condor - 09.03.2023 - 12:23 UTC