- Impressive passenger growth in both international and domestic networks
- Significant operational challenges, including increased costs
- Solid financial performance despite hurdles
- Strategic investments and expansions for sustained success
Aegean Airlines showcased remarkable advancement in the second quarter, providing 5.4 million seats, marking a 9% increase from 2023. Passenger traffic climbed 8% with balanced growth across both international and domestic networks. International passengers reached 2.6 million, a rise of 9%, while the domestic count stood at 1.8 million, up by 8%. The overall load factor achieved was 81.2%.
Financial Performance
The consolidated turnover for the second quarter reached €480.3 million, a 7% boost from the previous year. EBITDA stood at €114.4 million, although slightly down from €120.2 million the year before. The after-tax profit for Q2 2024 was €43.9 million, a drop from €51.5 million in Q2 2023. In the year’s first half, Aegean carried 7.3 million passengers, a 9% rise. Offering 9.5 billion passenger seats, this was an 11% increase over the previous year, achieving an 81.4% load factor.
Half-Year Fiscal Summary
In terms of six-month achievements, consolidated turnover surpassed the previous year by 10%, reaching €749.1 million. Total EBITDA amounted to €147.6 million, a 6% rise. The group’s pre-tax profit for H1 2024 reached €31.6 million, compared to €48.7 million the previous year. Post-tax profit was €22.9 million, down from €37.1 million.
Operational Challenges and Financial Resilience
Due to robust cash flows from operational success and pre-sale of summer tickets, cash reserves surged to €814.4 million by June 2024 from €706.3 million in December 2023. This follows the redemption of warrants costing €85.4 million and the first dividend payout in four years of €67.6 million. However, the early inspection and repair of A320/A321 neo-GTF engines have significantly increased costs. In addition, the expense of CO2 purchases is considerable as historical allowances for airlines have been reduced.
Dimitris Gerogiannis, CEO, expressed the strength of the first-half performance amidst increased capacity and operational challenges. He noted that Aegean has moved past the loss-making results of the pre-2019 first halves through diligent planning. Strategic decisions include procuring four new Airbus A321neo aircraft with extended range, enhancing maintenance and training facilities, and collaborating with Volotea, consolidating Aegean’s role in the European aviation sector. These actions are designed to foster steady company growth, benefiting both employees and the country.
