The Nuggets of Air Transport

I note a great deal of consistency in airlines’ communication. In general, they all complain about rising costs, the taxes raining down on them and the misery environmentalists cause them. Yet this does not prevent them from advertising fares that clearly do not cover their costs. However, I notice a certain tendency to highlight improvements to their products rather than the latest promotional fares, which is an excellent thing. And then, around the world, there are a few relatively discreet carriers that continue to develop without shouting it from the rooftops. Here are a few.

VietJet Air, quietly on the rise

This Vietnamese company, not to be confused with Vietnam Airlines, operated its first flight in December 2011, in a country that many thought would remain subject to its national carrier’s monopoly. In about fifteen years, it has built a fleet of 106 aircraft. Above all, as proof of its confidence in its future, it has placed orders for 391 aircraft, including 40 A330neos and 20 A321XLRs, indicating a strategy for long-haul expansion.

In 2025, it carried more than 28 million passengers and made a net profit of $83 million. I note that, in the last ten years, it has recorded a loss in only one year: 2022. Everyone still remembers the ravages of Covid. Last but not least, the company was founded by a woman, Mrs Nguyen Thi Phuong Thao, who continues to run it.

Air Serbia, revival against all odds

There might seem to be little reason to describe the Serbian carrier as a hidden gem, but a closer look at its history suggests that it deserves recognition. At first glance, Air Serbia, established in October 2013, had every reason to struggle to survive.

Certainly, Serbia’s aviation heritage, embodied by JAT, was remarkable. It should be remembered that the latter had built an extensive long-haul network, reaching as far as Australia. But the collapse of communism and the conflicts within the former Yugoslavia did not bode well for the revival of a national carrier.

Nevertheless, the carrier was revived and, little by little, it not only survived but also built an interesting international network, serving 108 destinations with just 33 aircraft. This wide reach did not seem to harm its profitability: with revenue of €720 million, it made a profit of €45 million in 2025. Only 2020 and 2021 were loss-making years. Not so bad.

IndiGo, sky-high ambition

It is clear that India has a strong need for air transport, driven by exceptional economic development. Nevertheless, the growth of this company since its establishment in 2005 has been truly dazzling. The figures are impressive: 428 aircraft operating across a network of 128 destinations, carrying 118 million passengers.

Above all, its aircraft orders reveal the scale of its ambition. To date, IndiGo has 981 aircraft on order, including 60 A350s and 851 A320neos and A321neos, plus 60 A321XLRs intended for long-haul flights.

Its previous CEO, Pieter Elbers, who was responsible for its international development, had to leave his position following major scheduling problems. However, he was replaced by former IATA Director General Willie Walsh, which speaks volumes about the company’s prestige.

Turkish Airlines, Istanbul’s turbocharger

I cannot end this brief list without mentioning Turkish Airlines. Admittedly, this company is not new; it is, in fact, one of the oldest in the world, having been established in 1933. It wears its 93 years well.

Its growth and ambitions are relatively recent, dating back to the early 2000s, but since then it has switched on the turbo, so to speak. Supported by Istanbul’s major European hub and a strong government, it has established itself as a major global carrier with ambitions extending well beyond maintaining its position.

Its figures for 2025 speak for themselves: 85 million passengers, $24 billion in revenue and a profit of $2.2 billion. Above all, it has 476 new aircraft on order, intended to bring its fleet to 800 aircraft by its centenary in 2031.

Ultimately, air transport is not in as sorry a state as it would have us believe.