Air Canada's financial performanceDuring the fiscal year of 2022, Air Canada accumulated operating expenses of around 16.7 billion Canadian dollars and revenue passenger miles that amounted to 66.5 billion. Moreover, Air Canada's passenger load factor stood at 80.5 percent, with the number of passengers increasing to 37 million. These figures showed a strong rebound for the company after nearly two years of shutdown due to the coronavirus pandemic.
Nevertheless, Air Canada, as well as the global aviation industry, continues to face various challenges, which introduce a considerable degree of uncertainty to the industry's overall trajectory. In particular, spiked jet fuel prices are currently one of the main concerns of the worldwide aviation industry. As of 2022, the average fuel cost of Air Canada was at the highest price in the last ten years, amounting to 130 Canadian cents for each liter of fuel. Global economic uncertainties such as the Russia-Ukraine war and its contribution to rising energy and jet fuel prices are expected to impact passenger demand and airlines' profitability in the near future.