Aegean Airlines on Thursday posted an after-tax profit of €43.9 million for the second quarter of 2024, while its after-tax profit for the first half of the year stood at €22.9 million.
“The result in the first half of the year remains particularly strong, despite the increase in the capacity offered by the competition but also the significant operational and regulatory requirements that burden our cost base,” said Aegean CEO Dimitris Gerogiannis.
“In fact, given the seasonality of the market, it is important to highlight that following our coordinated effort to extend the tourism season, we have managed to leave behind the years where, until 2019, Aegean’s first half period results were loss-making,” he added.
According to the airline’s latest financial results, revenue increased by 10 per cent in the first half of the year, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 6 per cent.
In the second quarter of 2024, Aegean offered 5.4 million available seats, a 9 per cent increase from the same period in 2023, with passenger traffic growing by 8 per cent.
This growth was balanced across both international and domestic networks, with international traffic increasing by 9 per cent and domestic traffic by 8 per cent.
The airline’s load factor for the quarter reached 81.2 per cent.
Aegean reported second-quarter revenue of €480.3 million, a 7 per cent rise compared to the second quarter of 2023.
EBITDA for the quarter stood at €114.4 million, while profit after taxes totalled €43.9 million, down from €51.5 million in the previous year.
For the first half of 2024, Aegean carried 7.3 million passengers, up 9 per cent from the first half of 2023, and offered 9.5 billion available seat kilometres (ASKs), an increase of 11 per cent.
Revenue for the period reached €749.1 million, with EBITDA rising to €147.6 million.
The airline’s profit after taxes for the first half was €22.9 million, compared with €37.1 million in the same period last year.
The company also highlighted its strong cash position, with cash and cash equivalents totalling €814.4 million as of June 30, 2024, an increase from €706.3 million at the end of 2023.
This growth was supported by strong operating cash flows and pre-sales for the summer season. Additionally, Aegean resumed dividend payments to shareholders in May, totalling €67.6 million.
However, the company faces ongoing challenges related to mandatory engine inspections and repairs on its A320 neo fleet, which have affected costs and capacity.
“Given our prudent and consistent approach in planning ahead, we have already launched strategic decisions,” Gerogiannis said.
This, he explained, includes “4 new Airbus A321 neo with an extended range and a New High Comfort Configuration to serve Non-EU Markets, the development of the new Maintenance, Repair and Overhaul Facility and the Training Center Simulation Facility, and most recently, the strategic investment and cooperation with Volotea”.
He said that these “strategic developments will all together foster and strengthen Aegean’s position in the European Aviation market”.
“Our steps forward are continuous within a steady and measured way, always enough to give a new dynamic that supports the development of the company, our people and the country overall,” Gerogiannis concluded.
Finally, the airline said that Aegean’s management will hold a conference call on September 12, 2024, to discuss its financial results in further detail.