Boeing achieved its first quarterly profit in almost two years as deliveries of its 737 Max model increased and air travel demand surged in the wake of rapid Covid-19 vaccination campaigns globally.

Boeing’s profits soared to $567 million in the second quarter, from a loss of $2.4 billion in the same quarter last year, Boeing said in a statement on Wednesday. Revenue rose 44 percent year-on-year to $17 billion, beating analysts’ estimates of $16.5bn complied by Refinitiv.

“We continued to make important progress in the second quarter as we focus on driving stability across our operations and transforming our business for the future,” David Calhoun, Boeing’s president and chief executive, said. “While our commercial market environment is improving, we’re closely monitoring Covid-19 case rates, vaccine distribution and global trade as key indicators for our industry’s stability.”

Boeing said it had delivered more than 130 of its bestselling 737 Max aircraft and airlines have returned more than 190 previously grounded planes to service since a safety ban on that jet was lifted in November 2020.

The 737 programme is currently producing at a rate of approximately 16 aircraft per month and will gradually increase production to 31 aircraft per month in early 2022, with further gradual increases to correspond with market demand, Boeing said.

Sales for Boeing’s commercial aeroplanes unit increased almost 268 per cent on an annual basis to more than $6bn in the three months to June 30. This unit, which delivered 79 aircraft during the quarter, secured orders for 200 737 aircraft for United Airlines and 34 737 aircraft for Southwest Airlines, the company said.

Revenue from defence, space and security unit rose 4.4 per cent to $6.9bn in the second quarter.