AEGEAN Sees 2018 Profit Up by 13%

Photo source: AEGEAN

AEGEAN last year recorded an 5 percent rise in consolidated revenue at 1,187.4 million euros and saw net earnings after tax up by 13 percent at 67.9 million euros, according to the company’s financial results for fiscal year 2018, announced on Thursday.

Last year ΑEGEAN and Olympic Air carried 14 million passengers, 6 percent higher than 2017, given efficient network management. International traffic reached 7.8 million passengers, 7 percent higher than 2017 while domestic traffic increased by 4 percent to 6.1 million passengers.

“In 2018 we have managed to improve our profitability as well as our commercial performance in the international network, despite increased competition as well as cost pressures given the sharp rise in oil prices,” AEGEAN CEO Dimitris Gerogiannis said.

AEGEAN’s load factor further improved to 83.9 percent as a result of the company’s efficient management of its fleet, network and fares despite the intense seasonality of demand. Total number of flights increased marginally by 1 percent.

Airbus Α320neo.

Operating cashflow reached 86.4 million euros. Cash and financial investments reached 290.2 million euros, after the outflow of 47.9 million euros in pre-delivery payments in relation to the Airbus Α320neo order.

“We have committed to significant investments which will allow us to improve our product and cost competitiveness and further develop the skills of our people,” Gerogiannis said.

In 2019 AEGEAN will continue to invest in its network, adding new destinations and offering a total capacity of 17.7 million seats.

AEGEAN’s 2019 network covers 151 destinations – 31 domestic and 120 international – to 44 countries.