The dynamics of passenger traffic continued, recording an increase of 17% compared to the third quarter of 2022
The unified Turnover for the nine months of 2023 amounted to €1.33 billion, increased by 31% compared to the corresponding period of 2022, AEGEAN states in a statement. The Group offered 15.7 million kilometers of seats and carried 12.2 million passengers, a total of 30% more than last year's period, of which 7.3 million passengers from/to foreign destinations.
The formation of occupancy at 84%, increased by 5 units compared to the corresponding period of 2022, the enrichment of the fleet with new technology aircraft as well as the timely advance purchases of fuel for part of the needs contributed to the compensation of the effects of intensified competition, inflationary pressures and the rise of interest rates.
Pre-tax profit stood at €217.5 million, exceeding by 79% the corresponding profitability of the nine months of 2022, while nine-month profit after tax amounted to €170.7 million, 83% higher than Profit after tax €93.2 million in the corresponding period of 2022.
Cash, cash equivalents and other financial investments amounted to €755.5 million on 30.09.2023 while Equity amounted to €525.3 million
In the third quarter of 2023, compared to the corresponding quarter of 2022 which to date was the highest ever in terms of turnover and profitability, Consolidated Turnover increased by 14% reaching €653.6 million. Pre-tax profits amounted to €168.8m and profit after tax to €133.6m from profit after tax of €120.8m in the third quarter of 2022, setting a new all-time high.
The strong momentum of passenger traffic continued recording a 17% increase compared to the third quarter of 2022, carrying a total of 5.5 million passengers, a result of both AEGEAN's greatly expanded network, operating with the largest international network of destinations in its history, as well as and the significant investment in increasing capacity with 15% more seats compared to the third quarter of 2022, supporting the increased attractiveness of the Greek tourism product. Average flight load improved to 85.6% from 83.9% in the third quarter of 2022.
D. Gerogiannis: AEGEAN presented one of the best results of the sector for the nine months
“AEGEAN has achieved high profitability by presenting one of the best results in the sector for the nine months of 2023. The expansion of our network, the increase in the capacity offered with almost 3 million more available seats for the whole of 2023 compared to 2022, in combined with the strong demand for Greece contributed to the strong dynamics of our growth. At the same time, the strengthening of the mood and ability of Greeks for leisure trips, combined with the high dynamics of tourist demand, contributed to the further strengthening of the main hub of Athens and Thessaloniki, with AEGEAN contributing catalytically to the development and especially with the spreading it to new destinations”, said Mr. Dimitris Gerogiannis, CEO.
He added, “it is particularly important that following the excellent performance of 2022, a second year follows that confirms the company's strategic choices, capabilities and relative position in the market, in the post-covid era. Recent developments in the Middle East indicate that we will continue to operate in a highly dynamic and volatile environment where conditions and predictability will remain difficult. Correspondingly, in the operational field, it is evident that there will continue to be difficulties both in infrastructure and in the supply chain, which will significantly affect the operation”.
In closing he stated, “we are working systematically and within the schedule for the operation of the Training Center and the Aircraft Maintenance Base. We have already received three simulators and the other equipment as well as we have staffed our units with specialized personnel in order to be operationally ready for the start of the operation of the Centers in January 2024″.
As already announced on 06/11/2023, the Hellenic Republic submitted on 03/11/2023 a declaration of intent to exercise all of the rights to acquire common shares (warrants) of the Company it owns. The Company's Board of Directors will proceed with the convening of an Extraordinary General Meeting of the shareholders, in order to take the necessary decisions in relation to the Company's ability to acquire and cancel the warrants as well as to complete their implementation within the deadlines provided by the terms of the warrants with in order to complete everything within this year.
The management of AEGEAN will hold a conference call with the topic of discussion “Update on current developments' on Thursday 23 November 2023 at 16:00.
Group Results for the Third Quarter and Nine Months 2023
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