BAA Training, a training company that is part of Avia Solutions Group, a Lithuanian aviation group owned by businessman Gediminas Ziemelis, expects higher returns this year from its Asian investments made in 2023 after generating more revenue last year but suffering a bigger net loss.
“In 2024, the company (…) expects higher revenue from pilot training programs for Asian markets as the company made significant investments in the visibility of its services in 2023, and the company has also launched a new product for the pilot training market with an integrated career and financing option at airlines. The company expects these actions to make a significant contribution to revenue and profitability growth,” BAA Training said in its 2023 financial report for the Lithuanian Center of Registers.
BAA Training generated 20.79 million euros in revenue last year, last year, up 56.9 percent from 13.59 million euros in 2022. However, the company incurred a net loss of 7.42 million euros last year, up 51.6 percent from 4.89 million euros in 2022.
BAA Training says it achieved “significant growth” in its training services sales last year and invested in the expansion of its French subsidiary BAA Training France.
The company set up a subsidiary in India, BAA Training India Private Limited, in July, and also acquired all the shares in Lithuanian aviation training company Aeroclass in October.
In late 2023, BAA Training had a total of 108 full-time employees , up from 101 at the end of 2022.
BAA Training owns three companies in Lithuania, including Aeroclass, BAA Simulators 2 and Kauno Aviation Gamylas, and one pilot training center each in France, Vietnam and India.
Source: BNS
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