Canada Jetlines (AU, Toronto Pearson) is currently exploring other financial markets and may list on the New York Stock Exchange, Percy Gyara, the company’s chief financial officer, revealed during the airline’s 2023 fourth-quarter investors call.
However, the company has not come to a final decision and is currently exploring the benefits and the costs of such a move, CEO Eddy Doyle underlined. The 2022-launched low-cost operator is currently traded on Cboe Canada, formerly the NEO Exchange.
If there were to be an announcement on the subject, it would take place within the next six to eight months, Gyara added when pressed by an investor interested in the potential listing on a more liquid market.
Canada Jetlines posted a CAD8.7 million Canadian dollar (USD6.4 million) net loss in 2023, marginally improving its performance from a CAD12.6 million (USD9.2 million) loss in 2022.
In January, the leisure-focused carrier closed its raising of USD13.5 million in a non-brokered private placement with Jetstream Aviation (Canada), owner of about 50% of the issued and outstanding shares of the company.
Europe for ACMI
Looking ahead to the rest of 2024, Canada Jetlines is looking to further enhance its operations by reaching a fleet of six aircraft by the end of June, up from four A320-200s currently, maximising revenue from its tour operating division, and entering into new ACMI deals with Air Arabia Maroc (3O, Casablanca Mohamed V) and Corendon Dutch Airlines (CD, Amsterdam Schiphol).
It will provide two A320-200s in a wet-lease agreement to Air Arabia Maroc and likely two more to Corendon Airlines, respectively, during the IATA summer season. The four airframes will return to Canada in the autumn in time to fly to leisure destinations on Jetlines' own scheduled services.
“When you look at the strategy of our airline, to fly Canadians to leisure destinations, sun destinations, the demand for that, while still present during the summer months, is not as high as in our nice Canadian winter months. However, Europe always has a need for aircraft and crews in the summer months, so they look for operators that can provide them with support. This provides great yield [...]. It is a significant portion of our fleet, but the advantage is we get paid hourly, and we're guaranteed revenue and profit,” Doyle explained during the investor call.
