Caribbean Airlines (CAL) recorded an operating profit of US$12.1 million in 2024, marking a 51 percent decline from the US$24.7 million earned in 2023, according to Trinidad and Tobago’s Finance Minister Colm Imbert.
Speaking at a customer appreciation event, Imbert highlighted the airline’s significant turnaround in 2023, when it rebounded from an operating loss of US$36.7 million in 2022 to a US$24.7 million profit the following year. However, in 2024, profits dropped due to rising maintenance, handling, and security costs in flight operations.
Despite these challenges, CAL’s total revenue increased by 5.2 percent in 2024, reaching US$444.6 million. Imbert noted that while competition led to a US$15 per passenger decline on international routes, the airline’s financial resilience and strategic initiatives contributed to the revenue growth.
Expanding Connectivity & Government Support
Imbert emphasized CAL’s commitment to growth and strategic partnerships, including ongoing discussions with Saudi Arabia’s Air Connectivity Programme. These efforts aim to strengthen regional and international travel links, reinforcing the airline’s role in connecting Trinidad and Tobago, the Caribbean, and the global market.
As CAL’s majority shareholder, the government continues to subsidize domestic air travel, ensuring affordability for passengers on the domestic airbridge. According to Imbert, government support reduces ticket prices to TT$400 per adult and TT$300 per child round trip, whereas, without subsidies, fares would be closer to TT$870 per passenger, depending on fuel and operational costs.
Since 2019, the government has increased ticket subsidies by TT$105 per adult fare and TT$155 per child per trip to maintain affordability. Between July 2015 and July 2024, these subsidies have ranged between TT$40 million and TT$73 million annually.
During the COVID-19 pandemic, the government provided additional support, covering TT$285 million in lease payments and assisting with fuel payments to National Petroleum Marketing Ltd.
Despite the profit decline in 2024, CAL remains focused on expanding its network and maintaining affordability for travelers, positioning itself as a key player in Caribbean aviation.
