Air Transport World’s (ATW) annual World Airline Report published in August has declared Korean Air as the world’s best airline. ATW is a ranking system regarding airline excellence and the sister publication of Aviation Magazine.
According to the Korean airline, its net profit was $850 million last year, approximately a $1.4 billion positive change over 2016. The Korean aircraft carrier was also considered top 25 in operating profit and RPK’s (revenue passenger kilometers) and ended up ranked as one of the world’s top 20 airlines in operating revenues.
Korean Air credits its ranking to a number of factors including:
- Focus on qualitative rather than quantitative growth
- More diversified marketing strategies
- More flexibility in capacity control
- Route profitability monitoring
- Differentiation through customer service
- Continued introduction of new aircraft like the Boeing 787
Korean Air carried more than 26 million passengers in 2017 while operating more than 460 flights per day to almost every continent and over 100 cities. Having a fleet of over 170 aircraft, the airline employs more than 200,000 people. Profits mainly come from passenger, cargo, aerospace, catering and in-flight sales. This airline is one of the founding members of the Sky Team airline alliance; 20 members deliver over 700 million people across the world. Korean Air will celebrate its 50th anniversary in 2019.