Home Fashion SITA REPORTS RECORD RESULTS AS IT PURSUES A STRATEGY OF FAST-GROWTH AND EXPANSION

SITA REPORTS RECORD RESULTS AS IT PURSUES A STRATEGY OF FAST-GROWTH AND EXPANSION

SITA REPORTS RECORD RESULTS AS IT PURSUES A STRATEGY OF FAST-GROWTH AND EXPANSION | SITA, the global leader in technology solutions for the air transport industry, has announced record results for 2023 as revenues reached almost US$ 1.5 billion. This represents a rise of 7% on the prior year, with all signs so far in 2024 indicating similar positive performance this year. Unveiling the results at SITA’s Annual General Assembly in June, SITA CEO David Lavorel also cited growth in margin and EBITDA, which exceeded plans by 4%.

“Every one of our customers and members benefits from our strong performance and growth,” said Lavorel. “It means we can self-fund our portfolio evolutions and explore further innovation opportunities. This is vital as we address the big trends now facing travel and take on new technologies to shape our industry’s future. Our portfolio developments and innovations are preparing the industry for the years ahead, delivering seamless and touchless journeys, operational efficiency, resilience and agility, sustainability, and more.”

SITA also saw record contracts and partnerships to transform travel at airports and borders, through digital identities, biometric and mobile-enabled self-service, and digital borders. Examples include biometric touchpoints for airline passengers at Frankfurt Airport, a digital travel and sustainability collaboration with the Arab Air Carriers Organization, and continued world-leading trials in Aruba, using ICAO’s Digital Travel Credential (DTC) standard. 

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In addition, SITA’s agreement with the Airports Authority of India (AAI) will see the latest passenger processing solutions and cloud-enablement for 44 airports in India, preparing the country for a future of increasing growth in passenger traffic.

With the return of travel comes the need to make operations efficient. The launch of new services for the SITA Connect Go SD-WAN solution gives the industry the opportunity to achieve this goal, as a platform for industry digitalization. Qatar Airways and Biman Bangladesh Airlines became early customers, using the solution to help fuel growth.

In another major trend, collaborative IT for aircraft is helping to make flights more efficient and sustainable, using AI and data-driven operational tools. In 2023, airlines eagerly took on SITA OptiFlight® to reduce fuel consumption and CO2 emissions by better planning fight paths. They include Azul, Singapore Airlines, AIX Connect, Vistara, and many more. AI and flight optimization services are critical to help aviation’s journey to a carbon net-zero future. 

“We’ve significantly over-achieved the first year goals of our business plan to grow SITA. As a result, we entered 2024 with a strong tailwind,” said Lavorel. “With 75 successful years behind us, we’re looking to the future of travel. Our mission is to prepare our customers to deliver the ultimate travel and transport experience, with the most advanced, efficient, and sustainable technologies.”

Continuing the focus on travel industry operational efficiencies and sustainability, 2024 has seen the launch of SITA Total Airport Optimizer. Using an AI-powered platform, it helps airports to manage every aspect of their operations. Through a partnership with Univers, the solution also brings sustainability into the heart of operational decision making. It means airports can monitor and report energy usage, emissions from aircraft and other vehicles, and their carbon footprint.

The momentum in 2024 continued with SITA’s acquisition of Materna IPS, leader in passenger handling for airports and airlines, and Self Bag-Drop market leader. The move will reshape aviation, creating the world’s most powerful passenger portfolio for airports and digital travel.

SITA followed that acquisition with the launch of SmartSea through an agreement with Columbia Shipmanagement, world-class ship manager and maritime service provider. SmartSea will reshape the maritime industry by giving it access to the same advanced technology that is transforming the air transport industry. The launch comes as part of SITA’s expansion into cruise and rail, as well Urban Air Mobility, such as Vertiports.

Soon after, SITA acquired ASISTIM, a company renowned for its managed airline flight operations services. This paves the way for airlines of all sizes to outsource part of their flight operations, through a fully-fledged airline flight Operations Control Center (OCC) managed service. 

“This is an exciting time for the travel industry,” added SITA’s Lavorel. “Major trends such as digitalization and sustainability will uproot the way we work, forever. For 75 years we’ve helped air transport step into the future. Now we’re positioned to help the wider travel and transport industries to create ever more frictionless journey experiences, achieve operational efficiencies and resilience, and address sustainability requirements.” SITA REPORTS RECORD RESULTS AS IT PURSUES A STRATEGY OF FAST-GROWTH AND EXPANSION

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