AEGEAN: Strong passenger traffic growth and 10% increase in revenue

07:13 12/9/2024 - Πηγή: iEfimerida

AEGEAN has announced its financial results for the second quarter and first half of 2024, highlighting significant growth in passenger traffic and a 10% increase in revenue, alongside a 6% rise in EBITDA and a positive after-tax result despite the seasonally weak first half of the year.

In the second quarter of 2024, AEGEAN offered 5.4 million available seats, a 9% increase compared to the second quarter of 2023. Passenger traffic grew by 8%, with international

traffic 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 euros, a 7% increase from the second quarter of 2023. EBITDA was 114.4 million euros, down from 120.2 million euros in the same period of 2023, while profit after taxes was 43.9 million euros, compared to 51.5 million euros in the second quarter of 2023.

For the first half of 2024, AEGEAN carried 7.3 million passengers, a 9% increase compared to the First Half of 2023, offering 9.5 billion ASKs, 11% more than in the same period of 2023. The load factor reached 81.4%.

Revenue for the first half of 2024 reached 749.1 million euros, 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 amounted to 31.6 million euros, compared to 48.7 million euros in 2023, while profit after taxes was 22.9 million euros, down from 37.1 million euros in the first half of 2023.

Due to strong positive cash flows from operating profitability and pre-sales for the summer season, cash and cash equivalents amounted to 814.4 million euros as of June 30, 2024, up from 706.3 million euros on December 31, 2023. This includes the buyback of Warrants and the payment of their Market Value totaling€85.4 million euros to the Greek State on January 2, 2024, as well as the resumption of dividend payments to shareholders amounting to 67.6 million euros on May 27, 2024.

Non-scheduled mandatory engine inspections and repairs on the GTF engines in the A320neo fleet, which started in October 2023, significantly impact 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 result in the first half of the year remains particularly strong, despite increased competition and significant operational and regulatory challenges. We have successfully transitioned from loss-making results in the first half period until 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.”

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