Aegean starts 2024 “on even more solid ground”

Aegean Airlines has recorded a profit before income of €246.8 million ($270 million) for the full year 2023, 68% higher than 2022, with a net profit of €168.7 million ($184.6 million) 58% higher than the year prior. Its EBIT margin was 14.6%. “Aegean delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector,” said Aegean CEO Dimitris Gerogiannis. He added that even given ongoing challenges in the industry supply chain, “the increased demand prospects on [the airline’s] additional new capacity seem encouraging”. Available seat kilometres for the period were up 110% from 2019 levels, with a total of nearly 15.7 million passengers carried during 2023; an increase of 26% from the year prior. Revenue per available seat kilometre also increased 4% to €0.083, contributing to the Greek national carrier’s first profitable year post-pandemic. Strong profitability resulted in the generation of €334.8 million ($366 million) cash flow from operating activities, facilitating the delivery of nine new A320neo family aircraft. Alongside proposing an upcoming dividend payment of €0.75 ($0.82) per share, Agean plans to expand its European operations especially out of its Athens base, adding 7% more seats compared to 2023.