In the second quarter of 2024, AEGEAN Airlines saw notable passenger traffic and revenue growth. The airline offered 5.4 million seats, a 9% increase compared to the same period in 2023. Passenger traffic grew by 8%, with international travel rising by 9% to 2.6 million passengers and domestic traffic increasing by 8% to 1.8 million passengers. The load factor reached 81.2%.
Revenue for the second quarter of 2024 amounted to €480.3 million, reflecting a 7% increase from the second quarter of 2023. EBITDA was €114.4 million, down from €120.2 million in the same period last year, while profit after taxes was €43.9 million, compared to €51.5 million in the second quarter of 2023.
For the first half of 2024, AEGEAN carried 7.3 million passengers, up 9% from the first half of 2023. The airline offered 9.5 billion ASKs, an 11% increase compared to the same period in 2023. The load factor reached 81.4%.
Revenue for the first half of 2024 reached €749.1 million, a 10% increase from the first half of 2023. EBITDA stood at €147.6 million, a 6% increase from the first half of 2023. Profit before taxes was €31.6 million, down from €48.7 million in 2023, while profit after taxes was €22.9 million, compared to €37.1 million in the first half of 2023.
Due to strong positive cash flows from operating profitability and pre-sales for the summer season, AEGEAN's cash and cash equivalents amounted to €814.4 million as of June 30, 2024, up from €706.3 million on December 31, 2023. This includes the buyback of Warrants and the payment of their market value totalling €85.4 million to the Greek State on January 2, 2024, as well as the resumption of dividend payments to shareholders amounting to €67.6 million on May 27, 2024.
Non-scheduled mandatory engine inspections and repairs on the GTF engines in the A320neo fleet, which began in October 2023, have significantly impacted the company’s cost structure, including fuel, maintenance, and aircraft lease costs. Although compensation from the manufacturer covers a significant portion of these costs, it does not fully offset the impact of reduced capacity and increased CO2 purchases, given the ongoing phase-out of historical free CO2 allowances in the airline sector.
AEGEAN’s CEO, Dimitris Gerogiannis, commented: “The results in the year's first half remain particularly strong despite increased competition and significant operational and regulatory challenges. We have successfully transitioned from loss-making results in the first half of 2019 to positive outcomes. Our strategic initiatives, including the addition of four new Airbus A321neo aircraft with extended range and high comfort configuration, the development of a new Maintenance, Repair, and Overhaul Facility, and our recent partnership with Volotea, are strengthening AEGEAN’s position in the European aviation market. We are committed to continuous and measured growth, supporting the development of the company, our people, and the country as a whole.”