AEGEAN: 16 New Routes, Increased Frequencies Lead to H1 Strong Performance

Photo source: AEGEAN

AEGEAN’s new international routes and increased frequencies to key markets contributed to its strong performance in the first half of 2023.

The Greek airline company on Thursday announced its financial and operating results for the year’s second quarter (Q2-23) and first half (H1-23) and noted a strong performance in revenue and passenger traffic with “record profitability”.

According to the results released by AEGEAN, consolidated revenue reached 449.1 million euros in during the April-June three-month period, 37 percent higher than Q2-22. Pre-tax Profit reached 67,3 million euros and Net Income 51.5 million euros from Net Income of 10.8 million in Q2-22.

AEGEAN CEO Dimitris Gerogiannis during a recent event in Athens.

“We are presenting exceptionally strong results stemming from network expansion and increased capacity following new aircraft deliveries, while at the same time, cost discipline and continuous upgrade of our services and product further enhance our competitiveness,” AEGEAN CEO Dimitris Gerogiannis said.

AEGEAN offered 22 percent more seats following its network expansion, bringing an even higher increase of 28 percent in passenger traffic and welcoming 4.1 million passengers from 3.2 million in Q2-22. Load factor reached 82,6 percent from 79,2 percent in Q2-22.

The company’s network expansion with the addition of 16 new international routes, as well as increased frequencies to destinations in Italy, Spain, Germany, Scandinavia, Israel, Egypt and Saudi Arabia, markets where demand has recovered significantly, contributed to the Group’s strong performance.

Source: AEGEAN

January-June 2023

According to the results, strong demand in Q2-23, network expansion and ongoing fleet investment, led to a 42 percent increase in passenger traffic in the first six months of the year compared to H1-22. During January-June 2023, AEGEAN carried 6.7 million passengers in total, while offering 8.2 million available seats, 28 percent more compared with H1-22.

The growth in passenger traffic stemmed mainly from international network where the Group carried 4 million passengers, 52 percent more than H1-22. Load factor in the period improved significantly, reaching 82.2 percent, 7,6 percentage points higher than H1-22.

With the positive impact of the second quarter, consolidated revenue in H1-23 improved by 51 percent vs Q2-22, reaching 678.1 million euros.

“Our performance in H1 2023 confirmed the consistent implementation of our targets in an environment of strong demand and intense competition,” Gerogiannis said.

During H1-23, AEGEAN proceeded with the full repayment of loans drawn during the Covid-19 pandemic (68.5 million euros).

New historical highs expected

Photo © Greek Travel Pages (GTP)

In Q3 and Q4 the Group plans to operate with 10 percent and 15 percent more available seat kilometers (ASKs) respectively compared to the respective period in 2022, supporting the extension of the tourism season and increasing capacity investment in more areas.

Based on the strong performance during the first half of the year and Q3 available data, revenue per flight is expected to be at the same high levels of the already strong Q3 2022, while for the full year a significant improvement in profitability is expected versus the already strong FY 2022 results, thus reaching “new historical highs”.

It is noted that in 2023 AEGEAN took delivery of 9 new aircraft, thus reaching 28 A320 neo family aircraft.

For the full year, AEGEAN plans to offer a total of 18 million seats, with 11 million international seats, 2 million more compared to 2022. Network is expected to cover 46 countries to 165 destinations out if its 10 bases with a fleet of 76 aircraft.

AEGEAN is a Star Alliance member.

Source: AEGEAN