Canadian business jet maker Bombardier said Thursday it will increase production of its best-selling jets and forecast higher deliveries in 2022 after reporting adjusted quarterly profit.

Business jet makers are ramping up production of corporate jets in response to increased demand from wealthy travelers who opt for private flights during a pandemic, but supply chain disruptions in the broader industry, labor shortages and a recent spike in COVID-19 cases remain challenges.

Montreal-based Bombardier said in financial documents that it expects customers to take more planes this year than the 120 corporate jets it delivered in 2021 and will increase production of medium and large aircraft.

“Looking ahead, we plan to increase deliveries by another 15-20% as early as 2023, while maintaining a strong focus on balancing long-term production growth with the pricing environment,” Bombardier CEO Eric Martel said in a statement.

Bombardier generated $100 million in cash flow from continuing operations in 2021, a figure investors are watching closely.

Free cash flow is expected to exceed $50 million in 2022.

Business jet revenues are projected to grow to more than $6.5 billion in 2022, up from $6 billion in 2021, as higher-priced corporate jets account for a larger share of deliveries.

Separately, the company said it will hold a virtual investor day on Feb. 24.

Bombardier reported adjusted quarterly earnings of 3 cents per share, helped by higher aircraft margins and cost-cutting efforts. Analysts had expected a loss of 3 cents per share according to Refinitiv.