GOL announces 4Q24 Earnings Result

Rhea-AI Summary

GOL Airlines has released its Q4 2024 financial results, highlighting significant operational achievements. The company emerged as the second-most punctual low-cost airline globally in 2024, with an 85.1% on-time performance rate, up 5.4 percentage points from 2023. By January 2025, GOL achieved the top position as the world's most punctual low-cost airline.

The airline expanded its fleet with its 50th MAX-8 aircraft in Q4, ending 2024 with 52 MAX-8 aircraft. Capacity (ASK) increased by 6.8% compared to Q4 2023, while unit revenue (RASK) rose by 2.5%. The company's loyalty program, Smiles, grew its customer base by 7.2% to 1.2 million members, with revenues increasing 4.5% in Q4 2024.

Notable achievements include GOLLOG, the cargo division, exceeding R$1 billion in annual revenue for the first time, reaching nearly R$1.3 billion in FY24, representing 32% growth from FY23. The cargo operation now spans 58 terminals, 60 stores, and serves over 4,000 cities across Brazil.

Positive

• Record cargo revenue of R$1.3 billion in FY24, up 32% YoY
• 85.1% on-time performance rate, improving 5.4 percentage points
• 6.8% capacity increase with 2.5% higher unit revenue
• Fleet expansion to 52 MAX-8 aircraft
• Loyalty program revenue grew 4.5% QoQ
• Lowest consumer complaint rate among Brazilian airlines

Negative

• None.

Insights

Airline Industry Analyst

GOL's operational performance shows significant improvement, achieving second-place among global low-cost carriers with an 85.1% on-time rate—up 5.4% from 2023. This operational excellence likely contributed to their lowest consumer complaint rate among Brazilian carriers in 2024.

The fleet modernization strategy is progressing well with 52 MAX-8 aircraft now in service. This newer fleet should drive substantial operational efficiencies through reduced fuel consumption (approximately 15-20% lower than previous generation aircraft) and lower maintenance requirements, particularly important in the high-cost Brazilian aviation environment.

GOL's balanced approach to capacity and yield management deserves attention—increasing capacity (ASK) by 6.8% while simultaneously growing unit revenue (RASK) by 2.5%. This suggests reasonably effective yield management despite expanded capacity, though the spread indicates some fare pressure.

Their cargo business breakthrough is particularly noteworthy, exceeding R$1 billion in annual revenue for the first time and growing 32% year-over-year to reach nearly R$1.3 billion. With infrastructure spanning 58 cargo terminals and 4,000+ cities, GOLLOG has clearly emerged as a significant growth driver that reduces dependency on passenger revenue.

Financial Analyst

GOL's Q4 2024 results demonstrate positive revenue momentum across multiple business segments, though the release lacks specific profit metrics that would provide a complete financial picture.

The 2.5% RASK (revenue per available seat kilometer) growth alongside 6.8% capacity expansion indicates the airline maintained reasonable pricing discipline during growth. However, this spread suggests potential yield dilution that could impact margins if costs aren't carefully managed—particularly relevant given Brazil's historically challenging cost environment.

The loyalty program shows encouraging trends with Clube Smiles growing 7.2% to 1.2 million members. More significant is the 17.9% increase in miles redeemed with a 5.7% shift toward non-airline redemptions. This diversification typically delivers higher margins than flight redemptions and reduces dependency on airline economics.

GOLLOG's cargo revenue breakthrough (32% growth to nearly R$1.3 billion) represents a significant business diversification. For context, this likely represents approximately 10-15% of GOL's total revenue, providing meaningful contribution to the company's overall financial performance.

While these operational and segment metrics appear positive, investors should carefully review the complete financial statements to assess whether this growth is translating to improved profitability, cash flow generation, and debt reduction—factors especially critical for airlines operating in Brazil's challenging currency and economic environment.

SÃO PAULO, March 28, 2025 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4), one of the leading airlines in Brazil and part of the ABRA Group, announced today its consolidated results for the fourth quarter of 2024 (4Q24). All information herein is presented in Brazilian Reais (R$), unless otherwise noted, in accordance with international accounting standards (IFRS), with adjusted metrics made available to enable comparison of this quarter (4Q24) with the fourth quarter of 2023 (4Q23) and the full year of 2024 (FY24) to the same period of the previous year (FY23).

Highlights

GOL – Passenger Business

• GOL ended 2024 as the second-most punctual low-cost airline in the world, with an on-time performance rate of 85.1%, an increase of 5.4 percentage points compared to 2023. In January 2025, the Company achieved the title of the world's most punctual low-cost airline and the most punctual in Latin America. These results reinforce our commitment to operational excellence and customer satisfaction.
• GOL celebrated the milestone of 50^th MAX-8 aircraft in the 4Q24 with the PS-GOL aircraft and ended the year with a fleet of 52 MAX-8.
• GOL increased its capacity (ASK) by 6.8% (vs 4Q23), with a 2.5% rise in unit revenue (RASK) during the same period, balancing expansion and sustainable revenue quality.
• GOL was the airline with the best position in the "ANAC Consumer Monitoring Bulletin," with the lowest consumer complaint rate in 2024 in Brazil.

Smiles – Loyalty Program

• Clube Smiles grew 7.2% in the number of customers in the 4Q24 (vs 4Q23), reaching 1.2 million customers.
• Smiles revenue continued to grow in the 4Q24, with a 4.5% increase (vs 3Q24), and ended the year with a 6.5% increase vs FY23.
• Miles redeemed grew 17.9% in the 4Q24 vs 4Q23, highlighting a 5.7 p.p. increase in the share of miles redeemed with non-airline products and services, reflecting Smiles' positioning as a complete loyalty platform.

GOLLOG – Cargo Business

• For the first time in its history, GOLLOG surpassed the R$ 1 billion milestone in annual revenue, growing 32% compared to FY23 and reaching nearly R$ 1.3 billion in FY24, achieving the ambitious targets set in its business plan defined in 2022.
• In January 2025, GOLLOG celebrated 24 years of operation, transporting 2.9 million packages in 2024. GOLLOG currently has over 1,800 employees providing services to deliver shipments. Additionally, the unit operates 58 cargo terminals (TECAs) and 60 stores, covering more than 4,000 cities, which strengthen the infrastructure and enable the service of strategic points across Brazil.

FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release, presentation and full financial statements at: www.voegol.com.br/ir

Investor Relations: ir@voegol.com.br

About GOL Linhas Aéreas Inteligentes S.A. 

GOL is a leading domestic airline in Brazil and part of Abra Group. Since it was founded in 2001, the Company has the lowest unit cost in Latin America, democratizing air transportation. The Company has alliances with American Airlines and Air France-KLM and provides eighteen codeshares and interline agreements to its Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of "Being the First for All," GOL offers the best travel experience to its passengers and the best frequent-flyer program, Smiles. In cargo transportation, Gollog delivers orders to different regions in Brazil and abroad. The Company has a team of 13,900 highly qualified aviation professionals focused on Safety. GOL's #1 value and operates a standardized fleet of 138 Boeing 737 aircraft. The Company's shares are traded on the B3 (GOLL4). For further information, go to www.voegol.com.br/ri.

 

View original content:https://www.prnewswire.com/news-releases/gol-announces-4q24-earnings-result-302414281.html

SOURCE GOL Linhas Aéreas Inteligentes S.A.

FAQ

What was GOL Airlines' on-time performance rate in 2024?

GOL achieved an 85.1% on-time performance rate in 2024, making it the second-most punctual low-cost airline globally.

How many MAX-8 aircraft did GOL operate by the end of 2024?

GOL ended 2024 with a fleet of 52 MAX-8 aircraft, celebrating its 50th MAX-8 delivery in Q4 2024.

What was GOLLOG's revenue growth in FY2024?

GOLLOG achieved record revenue of nearly R$1.3 billion in FY24, growing 32% compared to FY23.

How did GOL's capacity and unit revenue perform in Q4 2024?

GOL increased capacity (ASK) by 6.8% while unit revenue (RASK) rose by 2.5% compared to Q4 2023.

What was the growth in Smiles loyalty program membership for Q4 2024?

Clube Smiles grew 7.2% in Q4 2024 compared to Q4 2023, reaching 1.2 million customers.