Aegean reported strong first-half-year results on Thursday, with consolidated turnover up 51% compared to last year's period, totalling €678.1 million. The Greek airline said passenger traffic was up 42% to 6.7 million, EBITDA soared to €139.5 million from €37.7 million in the first half of 2022, and net profits rose to €37.1 million from a loss of €27.7 million last year.
Following its network expansion, the Group offered 22% more seats, bringing an even higher increase of 28% in passenger traffic and welcoming 4.1 million passengers from 3.2 million in Q2-22. Load factor reached 82.6% from 79.2% in Q2-22. Network expansion with the addition of 16 new international routes and 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.
More specifically, strong demand in Q2-23, network expansion and ongoing fleet investment led to a 42% increase in passenger traffic in H1-23 vs H1-22, with the Group carrying 6.7 million passengers in total in H1-23 while offering 8.2 million available seats, 28% more compared with H1-22.
Ongoing fleet investments and efficient cost management despite inflationary pressures led to an EBITDA growing 3.7 times higher, to €139.5 million from €37.7 million in H1-22.
Pre-tax Profit reached €48.7 million compared to a pre-tax Loss of 30.6 million in H1-22.
During the first half of 2023, Aegean fully repaid loans drawn during the pandemic (€68.5 million). Moreover, it fully refunded a finance lease contract in 2020 for an A321 neo aircraft, while one new A320neo aircraft delivery from Airbus was purchased in cash.
Cash and cash equivalents increased by almost €200 million on 30.06.2023 vs. 31.12.2022 due to strong operating cash flow, following high summer pre-bookings, despite loan and finance lease repayments and capex.
Mr. Dimitris Gerogiannis, Aegean’s CEO, commented:
"Our performance in H1 2023 confirmed the consistent implementation of our targets in an environment of strong demand and intense competition. We are presenting powerful 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."
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