The global airline industry will likely rake in more than $1 trillion in revenue next year

The global airline industry will likely rake in more than $1 trillion in revenue next year, as passenger numbers look set to hit an all-time high of 5 billion, the International Air Transport Association said Tuesday.

The global airline industry will likely rake in more than $1 trillion in revenue next year, as passenger numbers look set to hit an all-time high of 5 billion, the International Air Transport Association said Tuesday.

IATA also predicted that airlines’ average profit per passenger would increase to around $7 next year, up sharply from just $2.25 18 months ago. This year, per-passenger profit is expected to be $6.40.

charge higher ticket prices.

Middle East airlines are seen leading the pack next year, with profit per passenger of $24, followed by US airlines at $12 and European airlines at $9. IATA expects airlines in Africa, Latin America and the Asia-Pacific region to be less profitable than the industry average.

In prerecorded comments, IATA director general Willie Walsh described the “huge” revenue figure as “great news.” He added, however, that net profitability across the industry would still be “wafer-thin,” at $36.6 billion — and not helped by delays in aircraft deliveries by “key players,” referring to plane makers Airbus and Boeing (BA)