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Aegean: Jump in turnover and profits of 37.1 million in the six months

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42% increase in passenger traffic compared to the corresponding period in 2022

Aegean: Αλμα κyκλου εργασιν και κ ;ερδη 37.1 εκατ. στο εξαμηνο

Dimitris Delevegos

The first normal quarter, after the outbreak of the pandemic, was the second (April – June) for Aegean, as the president of the airline group, Eutychis Vassilakis, said during yesterday's analysts' teleconference. During this period, on an annual basis, Aegean increased its consolidated turnover by 37%, to 449 million euros, and by 123%, to 120 million euros, in its earnings before taxes, financial and investment results and depreciation (Ebitda). . During the same period, the listed group increased its net profits by 376%, to 51.5 million euros. In the first half of the year, Aegean increased its turnover by 51% to 678 million euros and showed net profits of 37.1 million euros from losses of approximately 28 million euros. In the third quarter, revenue growth is expected to remain flat, compared to the same period last year.

Also, Aegean increased the capacity offered by 22%, having handled 28% more passengers and a total of 4.1 million people in the second quarter, annually. In the first half of the year, the airline carried 6.7 million passengers, a number increased by 42% compared to the first half of 2022, offering a total of 8.2 million seats (+28%). During the third and fourth quarter, Aegean will operate with 10% and 15% respectively more mileage positions from 2022, supporting the diffusion of the transport project. For the entire year, it will offer 7%-9% more mileage. It is estimated that in October and December the additional total capacity (also from other carriers) is 15%.

Regarding the ongoing order of the A320neo family aircraft, Mr. Vasilakis stated that since the beginning of the year, the airline has received 9 new aircraft, having a total of 28 new generation aircraft, covering 50% of the total annual activity of the entire fleet . In total, the airline operates with 76 planes and will offer in the whole year more than 18 million seats, with 11 million foreign seats, 2 million more compared to 2022. The airline's network covers 46 countries in 165 destinations from a total 10 bases.

During the first half of the year, the airline increased cash and cash equivalents by 200 million euros, with their total amount reaching approximately 530.4 million euros. And this, despite the fact that he prematurely repaid with 68.5 million euros the loan (270 million euros) that he had entered into in October 2020 with the guarantee of the Business Guarantee Fund COVID-19 and the Hellenic Development Bank. It even paid off a 2020 lease on an A321neo aircraft early, taking ownership of it.

These movements demonstrate, as noted by Mr. Vasilakis, the existence of strong performance at the level of liquidity, with the ratio of operating profits (Ebitda) to net borrowing, which stands at 1, being the lowest ever. As he also pointed out, during the first half of the year, Aegean strengthened its market share in Athens and Thessaloniki, although similar companies also increased the offer of seats. According to Mr. Vasilakis, the growth rate of domestic passenger traffic is greater than that of foreign traffic, which is attributed to the improvement of economic conditions. This trend is expected to help boost performance in traditionally weak quarters, i.e. winter and the beginning of the year. For 2024, the airline has hedged 25% of its jet fuel needs.

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Source: www.kathimerini.com.cy

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