AEGEAN Reports Strong Profitability and Revenue in 3rd Quarter, 9-month Period of 2022

Greek airline company AEGEAN recorded strong profitability and revenue in the third quarter and nine-month period of 2022.

According to the company’s recent trading update, robust demand combined with network expansion and fleet growth with new aircraft deliveries contributed to the passenger traffic recovery in the third quarter, with the company carrying 4.6 million passengers.

“Efficient management of our network, fares structure and costs coupled with our people’s daily effort to best serve our passengers, contributed to this result,” AEGEAN CEO Dimitris Gerogiannis said.

AEGEAN recorded strong profitability driven by higher load factor at 84 percent, 14 p.p. higher compared with the same period in 2021 and higher average fares, against a backdrop of extremely high fuel costs and the significant strengthening of the dollar against the euro.

Consolidated revenue for the third quarter reached 571.4 million euros, 71 percent higher with profit before taxes at 152.1 million, 158 percent higher than 2021 on a comparable basis, while net income reached 120.8 million euros.

Third quarter performance, in revenues and profitability, is higher than pre-crisis levels with total capacity offered in the period marginally lower in ASK (Available Seat Kilometres).

“We are pleased to have successfully navigated multiple challenges, delivering strong profitability and indeed one of the best set of results for our industry, after two extremely difficult years,” Gerogiannis said.

Overall, in the first nine months of 2022, consolidated revenues exceeded 1 billion euros, 109 percent higher than 2021, while passenger traffic recorded an 89 percent increase.

Net income reached 93.2 million euros reversing headline losses of 27.1 million euros in the same period of 2021.

It is noted that including the third quarter, AEGEAN’s total profitability is higher compared also with the pre-crisis nine-month period of 2019.

AEGEAN’s effective jet fuel and USD hedging also had significant impact in mitigating the effect of their increasing cost.

“We are confident that through further developing our competitiveness and through our investment in our new fleet and new services, we will continue to create value for our shareholders and our country and also to offer our staff new opportunities for development, despite the geopolitical and economic headwinds which once again seem to be increasing,” Gerogiannis added.