AEGEAN Flies 7.2m Passengers in 2021, Sees €5.1m Profit

Greece’s national carrier AEGEAN in 2021 saw its profit after taxes amount to 5.1 million euros having offered 11.2 million seats and carried 7.2 million passengers.

According to the Group’s 2021 full year results, AEGEAN’s domestic traffic reached 3.5 million passengers and international traffic 3.7 million passengers. Load factor for the period stood at 65,5 percent, at similar levels compared to 2020 but significantly lower compared with the pre-Covid pandemic levels.

According to AEGEAN CEO Dimitris Gerogiannis, the aviation sector in 2022 expects a significant recovery while the demand for the Greek tourist product seems particularly strong.

However, he added that the Russian invasion to Ukraine has created new significant uncertainties, while significantly affecting fuel prices.

“The Group has accelerated its investment program in new technology aircraft which will reduce the impact of the increase of fuel prices and plans new destinations, new services and products as well as the gradual restoration of the capacity to reach the pre-pandemic levels for the summer period,” Gerogiannis said, adding that for a third consecutive year, the flexibility and adaptability to the volatile market conditions will continue to be very critical.

Recovery from June until October 2021

More into the Group’s full year results, AEGEAN in 2021 recorded a significant increase in consolidated revenues by 63 percent to 674.8 million euros compared with 2020 (415.1 million euros), mainly due to the recovery from June until October 2021.

“The significant recovery that was recorded between June and October was interrupted by the Omicron variant, which has affected the activity and demand from November 2021 onwards,” Gerogiannis said.

Seventy percent of AEGEAN’s total revenues were recorded from June until October, before the new restrictions imposed due to the Omicron variant.

In July 2021 AEGEAN received the approved by EU state aid for the partial compensation of the 2020 losses occurred due to the pandemic. The aid was received following the completion of the share capital increase of 60 million euros that month, which was a condition for state aid to cover pandemic-created losses.