AEGEAN Sees Q3 2023 Performance as Best in its History

AEGEAN recorded one of the best nine-month and third quarter period results in its history thanks to strong growth and profitability driven by its expansion to new destinations, higher international capacity and targeted and continuous upgrade in fleet, services and product.

The company’s trading update for the January-September period and third quarter showed consolidated revenue growth by 31 percent against the same period in 2022, reaching 1.33 billion euros. The Group offered 15.7 million ASKs and welcomed 12.2 million passengers, 30 percent more than last year’s nine-month period, with 7.3 million passengers travelling to/from international destinations.

According to the update, higher load factor (+5 p.p. vs 9M-22) which stood at 84 percent, fleet upgrade with neo aircraft and jet fuel hedging, contributed to offsetting the impact of intense competition, inflationary pressures and rising interest rates.

Financial Results and Operating Metrics for the Third Quarter & Nine Months 2023. Source: AEGEAN

Pre-tax Profit stood at 217.5 million euros, 79 percent higher than the January-September 2022 period, while Net Profit increased by 83 percent to 170.7 million euros from 93.2 million euros in last year’s corresponding nine-month period.

“AEGEAN announces another strong set of results with record profitability, delivering one of the best set of 9M results in our sector. Our network expansion, the significant capacity investment with the addition of 3 mil. available seats in 2023 versus last year, along with robust demand for Greece, contributed to AEGEAN’s strong momentum,” AEGEAN CEO Dimitris Gerogiannis said in the company’s trading update announcement.

July-September 2023: Best quarter in AEGEAN’s history

Photo source: AEGEAN

Moreover, Q3 this year was the best quarter in the company’s history in terms of both revenue and profitability as Group Revenue increased 14 percent to 653.6 million; Pre-tax Profit stood at 168.8 million euros; and Net Profit reached 133.6 million euros from 120.8 million euros in Q3 2022.

Strong passenger demand continued in this year’s Q3, with AEGEAN delivering a 17 percent increase in passenger traffic versus Q3-22 as it welcomed 5.5 million passengers, on the back of network expansion. AEGEAN flew its largest ever international network, with strong capacity growth of 15 percent in available seats compared with Q3-22, further supporting the upgrade of Greece’s tourism product. Load factor strengthened to 85.6 percent from 83.9 percent in Q3-22.

Greek government to exercise rights granted by warrants on AEGEAN’s shares

In the same announcement, Gerogiannis informed that Greek government on November 3 notified AEGEAN of its intention to exercise their rights granted by all the warrants held on the company’s shares, which it received in 2021 as part of the flag carrier’s Covid bailout.

AEGEAN’s Board of Directors will call an extraordinary general meeting of shareholders so as to vote on the relevant decisions, in terms of potentially exercising the right to repurchase these rights with an objective to respond within the deadlines as provisioned and with a target of completion within the current year.