Press Release
AEGEAN announces its financial results for the Second Quarter and First Half of 2024.
In Q2-24, AEGEAN continued to grow by offering 5,4 mil. available seats, 9% more than in Q2-23, with passenger traffic increasing by 8%. The growth was balanced in both networks, with international passenger traffic recording an increase of 9% to 2,6 mil. and domestic passenger traffic recording an increase of 8% to 1,8 mil. passengers. Load factor reached 81,2%.
Revenue in Q2-24 reached €480,3 mil., 7% higher than Q2-23. EBITDA amounted to €114,4 mil. from €120,2 mil. in Q2-23, while profit after taxes amounted to €43,9 mil. from €51,5 mil. in Q2-23.
In the First Half of the year, AEGEAN carried 7,3 mil. passengers, 9% more compared to H1-23, offering 9,5 bil. ASKs, 11% more compared to the same period in 2023, while load factor reached 81,4%.
Revenue reached €749,1 mil., 10% higher than H1-23, while EBITDA stood at €147,6 mil., 6% higher than H1-23. Profit before taxes in H1-24 amounted to €31,6 mil., compared with €48,7 mil. in 2023, while profit after taxes stood at €22,9 mil., from €37,1 mil. in H1-23.
Due to strong positive cash flows from operating profitability and the pre-sales for the summer season, cash and cash equivalents amounted to €814,4 mil. on 30.06.2024, from €706,3 mil. on 31.12.2023, following the buyback of the Warrants and the payment of their Market Value totaling €85,4 mil. on 02.01.2024 to the Greek State, as well as the resumption after four years of dividend payment to shareholders of €67,6 mil. on 27.05.2024.
It is important to note that the non-scheduled mandatory engines inspections and repairs on the GTF engines on the A320 neo family fleet, which started on October 2023 and requires the grounding of a significant part of our new aircraft fleet, significantly impacts the company’s cost structure in terms of fuel cost, maintenance cost and aircraft leases cost. The compensation from the manufacturer although covers a significant portion of the burden, it does not fully offset the cost impact let alone the loss of additional capacity in available seats. Moreover, the burden of increased CO2 purchases has a significant impact on our costs, given the ongoing and in a three-year phasing out period of the historical free CO2 allowances in the airline sector.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“The result in the First Half of the year remains particularly strong, despite the increase in the capacity offered by the competition but also the significant operational and regulatory requirements that burden our cost base. In fact, given the seasonality of the market, it is important to highlight that following our coordinated effort to extend the tourism season, we have managed to leave behind the years where, until 2019, Aegean’s First Half period results were loss-making.
Given our prudent and consistent approach in planning ahead, we have already launched strategic decisions, like the 4 new Airbus A321 neo with an extended range and a New High Comfort Configuration to serve Non-EU Markets, the development of the new Maintenance, Repair and Overhaul Facility and the Training Center Simulation Facility and most recently the strategic investment and cooperation with Volotea, strategic developments which all together foster and strengthen AEGEAN’s position in European Aviation market.
Our steps forward are continuous within a steady and measured way, always enough to give a new dynamic that support the development of the Company, our people and the country overall”.
AEGEAN management will host a conference call to present and discuss the “First Half 2024 Financial Results” on Thursday, 12 September 2024 (15:00 Athens time, 13:00 GMT).
Details are available at: http://en.about.aegeanair.com/investor-relations/announcements/announcements/
