AEGEAN: Net Earnings Increase to €78.5m in 2019

Greek airline company AEGEAN last year recorded a 10 percent rise in consolidated revenue to some 1.30 billion euros and a 16 percent rise in net earnings after tax to 78.5 million euros.

“2019 has proven our maturing of operations and the gradual success of our efforts of extending the season,” AEGEAN CEO Dimitris Gerogiannis said.

According to the company’s financial results for fiscal year 2019, passenger traffic increased by 7 percent with AEGEAN and Olympic Air carrying 15 million passengers. EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 269.4 million euros while cash and cash equivalents reached 516,9 million euros.

According to Gerogiannis, for the first time the company managed to achieve a profitable result also in the “traditionally weak” last quarter of the year.

“The success of 2019 contributes to a stronger starting base and contributes to reserves in organization and financial condition,” he said.

Commenting on the coronavirus (Covid-19) pandemic, Gerogiannis said the entire industry will be challenged by its “unprecedented effects” in global aviation and travel.

“We believe in the strength of our organization, our excellent staff and our resilience and adoptability in crisis. In this particular instance, policy makers’ actions and policies to mitigate the effects of the crisis will also be crucial.”

AEGEAN’s 2020 flight program covers a network of 155 destinations, 31 domestic and 124 international in 44 countries.