Commenting on the results, Eteri Harring, the group's CFO, said: "Despite the global economic challenges and the Russian aggression in Ukraine affecting the entire airline industry, we were able to achieve acceptable financial results."

"The group has been actively seeking new talent to support its substantial growth, and has successfully transformed the Nordica business model into an Airbus A320 ACMI operations' provider."

"Over the course of the past year we also experienced two unscheduled engine maintenance events. All of this, together with an increasing inflation pressure, has had an impact on the group's overall profitability. We have looked for creative ways of dealing with it and continue a path of growth by entering into new long-term partnerships with our customers," Harring went on, via a company press release.

Group CEO  Jan Palmer said the airline currently has more co-operation offers to deal with than it can take on.

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

"Our competitive edge are our experienced people, a Nordic work culture and flexibility. We have also been very successful in attracting international talent both to our headquarters in Tallinn and to multiple operating bases all over Europe. As a result, we have more than 30 different nationalities represented in our organization. We foresee a persistent growth potential of the market and believe that aviation will recover from the recent crisis entirely over the next years," Palmer went on.

The Nordic Aviation Group owns two airline brands, Xfly and Nordica,

The above figures derive from its preliminary financial results' report for 2022.

The fleet increased by two aircraft in the past year, and the group introduced its first Airbus A320 aircraft deployed for ACMI production for its airline customers.

The airline has also started operating for TAP Air Portugal, where additional aircraft ATR72-600s will be added to the fleet serving the airline soon.

Three Airbus A320neo aircraft are set to operate in Germany on behalf of a new start-up airline, Marabu.

The group will also be supporting Marabu with various back-office and operational services, and the group says it is actively recruiting employees for its bases in seven European countries.

The group operates from its bases in Tallinn, Vilnius, Stockholm, Aarhus, Copenhagen, Turku, Lisbon, Sofia and, starting from spring also in Munich and Hamburg.

The group operates long-term wet-lease ACMI production for major airlines within Europe, on behalf of such market players as SAS, TAP, and Marabu.

The current fleet consists of 17 aircraft, divided between ATR72-600s (70 seats), CRJ900s (90 seats) and Airbus A320-type aircraft (180 seats).

The group's fleet is set to number 22 aircraft in the second quarter of 2023, the company says.

The company is 100 percent owned by the Republic of Estonia.

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