Aegean Airlines Revenue rises 4 Per Cent to €1.38 Billion

Increased passenger numbers and strategic investments supported this performance, though external constraints impacted profitability.

The airline carried 12.6 million passengers between January and September, a 5 per cent increase year-on-year, offering 15.3 million available seats, including 7.4 million passengers on international routes. 

Operating revenue rose 4 per cent to €1.38 billion. EBITDA profit stood at €330 million, with profit before taxes reaching €170.4 million and profit after taxes at €132 million, reflecting a 23 per cent decline compared to the same period in 2023. 

This performance reflects the airline’s highest-ever results in passenger traffic and operating cycle, while profitability ranked as its second-highest in history, despite significant external challenges.  

Maintenance delays on Pratt & Whitney GTF engines grounded up to 10 aircraft—17 per cent of its jet fleet—curtailing growth potential and limiting cost efficiencies in fuel, maintenance, and seat capacity.  

Moreover, the suspension of flights to Tel Aviv and Beirut from late July, triggered by geopolitical tensions, resulted in a 3.5-4 per cent drop in international traffic during the third quarter. 

In the third quarter alone, Aegean offered 6.3 million available seats, a 2 per cent increase compared to Q3 2023, and carried 5.3 million passengers.

Domestic passenger traffic rose by 6 per cent, while international passenger numbers fell by 3 per cent due to the suspended routes.  

The load factor reached 83.9 per cent. Quarterly turnover totalled €630.8 million, with EBITDA at €182.3 million. Profit before taxes amounted to €138.8 million, while profit after taxes was €108.3 million, a 19 per cent decrease from €133.6 million in Q3 2023. 

As of 30 September 2024, Aegean reported cash reserves, including cash equivalents and financial investments, of €762.8 million.

The airline also completed its new Training and Maintenance Centre at Athens International Airport and took its first steps into international investment with a minority stake in Volotea. 

Aegean CEO Dimitrios Gerogiannis reflected on the airline’s ability to adapt under pressure, emphasising its strong performance in the face of external challenges. “Aegean has again demonstrated resilience and strong performance for 2024 amidst significant exogenous constraints and increasing third-party seat supply to the country,” he said.

He added, “The redesign of our network and the effective response of our organisation once again delivered satisfactory results comparable to the strongest companies in the industry.” 

Speaking about the company’s strategic priorities, Gerogiannis highlighted Aegean’s recent investments. “At the same time, we invested in our ability for higher added value, competitiveness and extroversion,” he explained.

He continued, “This included the completion and opening of the Training and Maintenance Centre at AIA, as well as our first business step outside Greece with our minority investment and start of cooperation with Volotea.” 

Looking ahead, Gerogiannis expressed optimism for the final quarter of 2024. “In the last quarter of the year we continue to take delivery of additional new aircraft and support the expansion of the tourist season,” he noted. He went on to say, “We are looking forward to positive growth dynamics in passenger and turnover already from October/November 2024.” 

He concluded by outlining the airline’s plans for the remainder of the year. “For Q4, Aegean plans to offer 4.5 million seats, 7 per cent more than in the same period last year,” he stated.

This includes expanding frequencies and capacities on routes to destinations such as London, Istanbul, Larnaca, Venice, Berlin, and Dubai. New routes include Athens-Abu Dhabi and Thessaloniki-Amsterdam, further enhancing the airline’s network. 

Source: Cyprus Mail