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AEGEAN Posts €168,7 Million Profit In 2023 With 15+ Million Passengers

AEGEAN delivers strong operating results and profitability in 2023, with 3 million more seats offered and 15.7 million passengers carried.

Full Year 2023 results

  • €1,69 billion Consolidated revenue increased by 27% compared to 2022.
  • €400,4 million EBITDA is 46% higher compared to 2022.
  • €246,8 million EBIT and 14,6% EBIT margin.
  • €168,7 million Net Profit, 58% higher compared to 2022.

AEGEAN‘s financial results for 2023 showed a solid performance with significant growth across various metrics. Revenue climbed to €1.69 billion, a 27% increase from 2022. The airline expanded its operations, offering 18.9 million seats and carrying 15.7 million passengers, 3 million and 3.2 million more than the previous year, respectively. The load factor was up by 3.6 percentage points, reaching 83.4%.

The airline broadened its network with 30 new destinations, totaling 180 destinations across 49 countries, which boosted demand and strengthened its presence in Athens and Thessaloniki. Despite rising operating costs due to inflation, AEGEAN managed to maintain a competitive cost structure.

The EBITDA stood at €400.4 million, a 46% increase from 2022, indicative of a robust recovery from the pandemic’s impact. EBIT surged 68% to €246.8 million with a margin of 14.6%, and net profit rose 58% to €168.7 million.

Operational cash flow was strong at €334.8 million after aircraft lease payments, supporting the smooth acquisition of 9 A320 neo family aircraft and investments in a Flight Simulator Training Centre and an Aircraft MRO Base. The year ended with €709.3 million in cash and financial assets, equity at €418.8 million, and a total debt of €220.3 million, excluding lease liabilities, following full loan repayments made during the pandemic.

AEGEAN Sees Strong Demand And Intense Competition for Passengers

“AEGEAN delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher volatility,” Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented.

“We are extremely satisfied with the result, which confirms AEGEAN’s growth strategy. In 2023 the Group progressed on all of its strategic pillars, adding 30 new destinations to its network, increasing by 4 the Airbus A320neo family  aircraft order reaching 50 in total, as well as initiating in December 2023 the operation of the Flight Simulator Training Center while the aircraft MRO Base will be operational within the first four months of 2024. 

“We start 2024 on even more solid ground which allows further development of our people’s skills, higher value-added services for our country and our shareholders, always prioritizing our continuous efforts to better serve our customers. Our strong performance in 2023 sets a high benchmark for 2024, especially given the challenges in the industry supply chain. Nevertheless, the increased demand prospects on our additional new capacity seem encouraging.”

Plans To Grow AEGEAN Operations

The Extraordinary General Shareholders Meeting of a company held on December 14, 2023, approved the repurchase of warrants from the Hellenic Republic, which led to a decrease in the company’s equity by €85.4 million, offset by a corresponding increase in Other short-term liabilities. This transaction’s cash effect took place on January 2, 2024, leaving the December 31, 2023, cash balance unchanged. Additionally, the Board of Directors will recommend a dividend of €0.75 per share at the next General Meeting.

For 2024, the company plans to grow its operations, particularly from Athens, enhancing existing flight routes to several European countries and the UA Emirates, with a 7% increase in offered seats compared to 2023. The growth is also expected domestically and from its Thessaloniki base. The Group aims to provide 19.5 million seats from its 7 bases across 47 countries and 249 routes.

AEGEAN Detailed Financial Report For Full Year 2023

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