The number of people traveling by plane is set to hit a new high this year, as the airline industry bounces back from the COVID-19 pandemic with record revenues for airlines, an industry group has said.

Airlines are set to fly almost 5 billion passengers in 2024, according to the International Air Transport Association (IATA).

The announcement by the trade industry body on Monday marks a new record for the aviation sector, beating a pre-pandemic high.

In its outlook for 2024, IATA said airlines were expected to post $30.5 billion (€28 billion) in net earnings this year, up from its previous estimate in December of $25.7 billion.

The industry’s total revenues were forecast to rise nearly 10%, to a record $996 billion (€918 billion).

The expected profit “is a great achievement considering the recent deep pandemic losses,” IATA Director General Willie Walsh told the trade association’s annual general meeting in Dubai.

More than 300 airlines, accounting for 83% of global air traffic, are members of IATA.

The body said around half of global profits in 2024 were expected to come from airlines in North America. IATA predictions suggest they will log a surplus of $14.8 billion, while airlines in Europe are expected to increase their profits by between $8.6 billion and $9 billion.