CEO Michał Fijoł says the strategy involves launching 20 new destinations, including routes to the United States, Canada, Vietnam, Thailand, China, South Korea and Japan.
Expanding the airline's footprint in Europe and enhancing connectivity between Poland and Ukraine are also on the cards.
"We will be developing our presence in Europe; there are still capitals to which LOT does not fly," Fijoł said on Thursday.
He added that the carrier plans to transport 10 million passengers this year, with an ambitious target of nearly 17 million by 2028.
To facilitate this growth, the company will require up to 110 aircraft, a significant increase from its current fleet of 75, according to executives.
The company especially aims to expand in the segment of medium and long-distance routes, supported by a contract for two more Boeing 787 MAX 8 planes.
LOT is 'more than a company': PM
Prime Minister Mateusz Morawiecki said in a special recording that the state-owned airline "is more than a company;" it's a national carrier and, by extension, "an ambassador for Poland," reaching nearly 50 countries.
LOT is Poland’s flagship airline and a prominent entity in the country's economic setup. It has traditionally been a vital connector for Poland with the rest of the world, both in terms of passenger and cargo transport.
The airline has faced numerous challenges, especially amidst the global pandemic, but has shown resilience and adaptability.
In his message, Morawiecki underscored the aviation sector's contribution to Poland's economy, generating over 150,000 jobs and supporting its investment and tourist appeal.
"Without a strong LOT, this would not be possible," he said, stressing that LOT remains in Polish hands and is dynamically developing, competing with other European carriers.
'Pillar of Polish economy'
Maciej Małecki, Deputy Minister of State Assets, labeled LOT as a "pillar of the Polish economy," anticipating that the airline's financial result this year will be "record-breaking."
An ambitious announcement from the board suggests that LOT aims to surpass PLN 1 billion in net profit this year.
Małecki expressed strong support for this objective and emphasized "the rapid progress" of LOT in the aviation industry’s rebuilding market post-pandemic.
“We expect to strengthen those destinations currently served and want growth," he said. "LOT is to start the race with the best airlines. LOT is to grow and be a modern company for new times."
From January to August this year, LOT transported about 7 million passengers, with direct flights to airports in Europe and long-distance voyages to the United States, Canada, China, Japan and South Korea.
Last year, the carrier earned a profit of PLN 113.7 million on revenues of over PLN 8.3 billion. It transported 8 million passengers and conducted more than 85,000 flights.
The government is the main shareholder of LOT, holding 69.3 percent of the stock, followed by the Polish Aviation Group (PGL), which holds 30.7 percent and is fully owned by the State Treasury.
This implies a vital stake and interest of the Polish government in the national carrier, which often positions the airline in strategic plans to boost tourism and international connections.
(rt/gs)
Source: PAP