Financial performance during the coronavirus pandemic
The coronavirus pandemic had a serious impact on the financial performance of the Stockholm-based company. In 2021, revenue amounted to around 14 billion Swedish kronor, 70 percent less than in 2019. In addition, workforce reduction due to the pandemic began during the 2019-20 fiscal year and reached a low of 5,216 employees by the end of the 2020-21 fiscal year, a decrease of 50 percent since the pre-pandemic 2018-19 fiscal year. Meanwhile, the number of passengers flying with SAS slumped to 7.6 million, a drop of 74.5 percent between the 2018-19 and 2020-21 fiscal years.Competitors
Scandinavian Airlines' biggest competitors among the Nordic countries include Norwegian Air Shuttle ASA and Finnair Oyj. As of August 2021, Norwegian Air Shuttle and Finnair generated a turnover of 4.4 billion euros and 2.6 billion euros, respectively. The same year, the turnover of SAS amounted to just under two billion U.S. dollars. In 2021, 2.85 million passengers flew with Finnair - Though this figure was less than Scandinavian Airlines’ passenger traffic that same year, Finnair has announced new routes from Stockholm, Sweden, and Norway, which will affect the demand for SAS’s long-haul and short-haul routes in the near future.
