Healthy rise in Aegean’s profits in January-June

Aegean Airlines on Thursday reported strong first-half results with consolidated turnover up 51% compared with the same period last year, totaling 678.1 million euros.

The Greek airline said passenger traffic was up 42% to 6.7 million, EBITDA soared to €139.5 million from €37.7 million in the first half of 2022 and net profits rose to €37.1 million from a loss of €27.7 million last year.

The group offered 22% more seats following its network expansion, bringing an even higher increase of 28% in passenger traffic and welcoming 4.1 million passengers from 3.2 million in Q2 of 2022.

Load factor reached 82.6% from 79.2% in Q2 of 2022. Network expansion with the addition of 16 new international routes, as well as increased frequencies to destinations in Italy, Spain, Germany, Scandinavia, Israel, Egypt and Saudi Arabia, markets where demand has recovered significantly, contributed to the group’s strong performance.

Strong demand in April-June, network expansion and ongoing fleet investment led to a 42% increase in passenger traffic in H1 2023 vs H1 2022, with the group carrying 6.7 million passengers in total in H1 2023, while offering 8.2 million available seats, 28% more compared with H1 2022.

Ongoing fleet investments and efficient cost management despite inflationary pressures led to EBITDA growing 3.7 times higher.

Pre-tax profit reached €48.7 million compared to a pre-tax loss of €30.6 million in H1 2022.