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AEGEAN Sees Profit Rise After Strong Passenger Demand in April-June

AEGEAN saw a profitable second quarter (April-June) following a significant increase in flight activity and passenger demand, the Greek airline company said on Thursday.

According to AEGEAN’s financial results for the second quarter of 2022, the company saw a 201 percent increase in consolidated revenue to 327.3 million euros from 108.6 million euros in the second quarter of last year.

“After two challenging years, it is a fact that revitalized demand, especially strong to Greece, supported traffic recovery,” AEGEAN CEO Dimitris Gerogiannis said.

Aegean’s passenger traffic in the second quarter of 2022 significantly increased by 171 percent, reaching 3.3 million passengers from 1.2 million in the same quarter of 2021. Load factors also improved at 79.2 percent, 23 p.p. higher compared with the second quarter of 2021.

AEGEAN restored its capacity at 86 percent in the second quarter of 2022, following the easing of Covid-related measures. According to Gerogiannis, following additional A320neo deliveries, AEGEAN expanded its network from its main hub in Athens, but also from Thessaloniki, Heraklion and Chania, gradually increasing its capacity, flying to 138 destinations by the end of June.

“We managed to return to profitability in Q2 despite the significant increase in fuel costs well ahead Q3 which is always strongest in contribution of revenue and profitability for the year,” Gerogiannis said.

AEGEAN posted profit before taxes of 17.7 million euros and a net profit of 10.8 million euros in the second quarter of 2022 from losses after taxes of 33.9 million euros in the same period of 2021.

Overall, for the first half of the year, AEGEAN’s consolidated revenues increased by 193 percent, with passenger traffic up 187 percent and available seats 101 percent compared to the first half of 2021. In the first half of 2022 losses after taxes amounted to 27.7 million euros from losses of 78.4 milllion euros.

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Forecast for full-year profit

“This positive trend continued during the summer months, where we offered 98 percent of our pre-pandemic ASK’s and achieved load factors of 84 percent and 3.2 million passengers in the two summer months July and August, supporting further our profitability forecast for FY 2022,” Gerogiannis said.

AEGEAN CEO added that challenges and uncertainties are still ahead.

“We continue to invest with a steady pace to improve our product quality and manage our network and fleet efficiently,” he said.

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