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  • Joe Breitfeller

AEGEAN Reports Full Year 2021 Net Income of €5.1 Million on 63 Percent Increase in Revenue to €675 M

AEGEAN ha reported a 2021 full year income of €5.1 million on a year-over-year increase in revenue of 63 percent to €674.8 million. At December 31, 2021, the carrier had cash and cash equivalents totaling €474.4 million.


AEGEAN Reports Full Year 2021 Financial Results - Courtesy AEGEAN

On Wednesday (March 23, 2022), AEGEAN reported their financial results for the full year ending December 31, 2021. The carrier reported a net income of €5.1 million on a year-over-year increase in revenue of 63 percent to €6784.8 million. Approximately 70 percent of the airline’s revenue was recorded during the period from June through October 2021, prior to the emergence of the new COVID-19 Omicron variant and resulting travel restrictions. During FY21 the airline offered 11.2 million seats and carried 7.2 million passengers with an average load factor of 65.5 percent. At December 31, 2021, AEGEAN had a total of €474.4 million in cash and cash equivalents.


In Wednesday’s announcment, AEGEAN’s Chief Executive Officer, Mr. Dimitris Gerogiannis, said,

“The pandemic had a significant impact in 2021. The Group has managed to recover significantly despite the volatile market conditions during the year. In 2021 AEGEAN has effectively managed its network and its fleet, has strengthened its capital base, and has further improved its cost structure. However, the significant recovery that was recorded between June and October was interrupted by the Omicron variant, which has affected the activity and demand from November 2021 onwards.


“In 2022 the aviation sector expects a significant recovery while the demand for the Greek tourist product seems particularly strong. At the same time, however, the Russian invasion to Ukraine has created new significant uncertainties, while significantly affecting fuel prices. The Group has accelerated its investment program in new technology aircraft which will reduce the impact of the increase of fuel prices and plans new destinations, new services and products as well as the gradual restoration of the capacity to reach the pre-pandemic levels for the summer period. For a third consecutive year, the flexibility and adaptability to the volatile market conditions will continue to be very critical.”


AEGEAN's Full Year 2021 Consolidated Financial Results - Courtesy AEGEAN

AEGEAN and its subsidiary Olympic Air carried 15 million passengers in 2019 and the airline has been honored ten out of the last eleven years with the Skytrax World Airline Award for ‘Best European Regional Airline.’ AEGEAN expects to receive 44 additional Airbus A320neo Family aircraft by 2026.



Source: AEGEAN