Aegean Airlines ended the Q3 of 2022 with a consolidated revenue of €571.4 million, an increase of 71% as compared to 2021. Consolidated revenue for nine months ending September 30, 2022 was €1.02bn, a 109% increase from 2021. The group finished strong by reporting a net profit of €93.2 million in the nine months and €120.8 million in the third quarter.
Pleased with the Q3 results, Dimitris Gerogiannis, Aegean's CEO, said: “We have successfully navigated multiple challenges, delivering strong profitability and indeed one of the best set of results for our industry, after two extremely difficult years. Efficient management of our network, fare structure, and costs coupled with our people’s daily effort to best serve our passengers contributed to this result.”
Aegean's net income reached €120.8 million in Q3 with a robust recovery of 89% in passenger traffic. The Group carried 9.4 million passengers in the first nine months of 2022. Aegean reported a loss of €27.1 million in the same period of 2021.
Aegean's strong profitability was driven by the higher Load factor, higher average fares, against a backdrop of extremely high fuel costs, and the significant strengthening of the dollar against the euro. As of September 30, 2022, the group reported cash and cash equivalents balance was €6,190 million.
Aegean carried about 4.6 million passengers in Q3 alone coupled with robust demand combined with network expansion and fleet growth with new aircraft deliveries led to the Group finishing the quarter in green.
“We are confident that through further developing our competitiveness and through our investment in our new fleet and new services, we will continue to create value for our shareholders and our country and also to offer our staff new opportunities for development, despite the geopolitical and economic headwinds which once again seem to be increasing,” Gerogiannis concluded.