Lithuania's GetJet to boost revenue in "vertical expansion"

Passenger charter operator GetJet Airlines (GW, Vilnius) will focus on the "vertical expansion" of its services over the remainder of 2024 and throughout 2025, with the aim of generating annual revenues of EUR1 billion euros (USD1.1 billion) by the end of the decade.

"We plan to extend GetJet’s aircraft maintenance services," Group CEO GetJet Aviation Holdings Darius Viltrakis told ch-aviation. "We hope to offer fleet support services to our customers including line maintenance, heavy maintenance, and spare-part and major aircraft components trading."

"Our plan for the aircraft maintenance centre in Lithuania is to bolster GetJet’s operational efficiency and provide even more comprehensive aviation services, fulfilling our vertical expansion strategy. Offering maintenance services to third parties also allows us to add an additional revenue stream. We’ve already begun servicing our own fleet by renting out a hangar in Riga. We found this a very viable solution to improve our operations, so we decided to have a maintenance centre in Lithuania too."

The group holds Lithuanian and Latvian-issued AOCs, with the Lithuanian AOC supporting 13 aircraft, including seven A320-200s, one A321-200, and five B737-800s. The smaller GetJet Airlines Latvia (GJ, Riga) has a single A320-200. ADS-B flight tracking data indicates three of the A320-200s are flying for Air Serbia and four for Vueling Airlines (along with the A321). A B737 is presently flying for Air Arabia Maroc (3O, Casablanca Mohamed V), while the remaining B737s are providing short-term and ad hoc missions for various airlines and tour operators including affiliate Airhub Airlines as well as TUI Airways and Transavia Airlines.

"This long-term vision allows us to ensure centralised quality control, cost efficiency, and flexibility," said Viltrakis. "We plan to invest our own profits and raise up to around EUR150 million (USD166 million) equity growth funding for our investment plan in Lithuania expanding our vertical capabilities. An overarching goal is to operate at a EUR1 billion turnover rate by 2030."

"In terms of our horizontal strategy, we plan to continue investing in GetJet’s fleet renewal to be able to operate five- to seven year-old aircraft" he concluded. "Size-wise, we're maintaining a fleet of about 15 to 20 aircraft."