Rolls-Royce Profits Soar as Aviation Demand Rebounds

The engine maker's strategic overhaul and cost-cutting measures under CEO Tufan Erginbilgic lead to a record performance in 2023.

Rolls-Royce's annual profits more than doubled in 2023, with a significant recovery in aviation demand boosting its engine sales.
The company's transformation under CEO Tufan Erginbilgic, including cost-cutting measures and a focus on commercial optimization, has been credited for the record performance.
Engine flying hours have recovered to 88% of pre-pandemic levels, indicating a strong rebound in aviation activity.
Despite the financial success, Rolls-Royce announced it would not pay dividends until its balance sheet is stronger, aiming for further profit growth in 2024.
Shares in Rolls-Royce surged following the announcement, reflecting investor confidence in the company's turnaround and future prospects.