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AEGEAN Reports Full Year 2022 Net Income of €106.8 Million

AEGEAN has reported a full-year 2022 net profit of €106.8 million on a 98.7 percent year-over-year increase to €1.34 billion. The carrier’s FY22 net income is 36 percent higher than their 2019 pre-pandemic profit of €78.5 million.

AEGEAN Airbus A321neo - Courtesy Airbus

On Thursday (March 16, 2023), AEGEAN reported their fourth quarter and full-year financial results for the period ending December 31, 2022. The carrier reported a fourth quarter net profit of €13.6 million on a year-over-year increase in revenue of 68.8 percent to €317.4 million. For the full year, AEGEAN reported a net profit of €106.8 million on a 98.7 percent increase in revenue compared to FY2021 to €1.34 billion. As of March 15, 2023, the airline had fully repaid all loans drawn from four large Greek banks three years prior to maturity. Following the repayment, AEGEAN has cash and equivalents of over €500 million.

In Thursday’s announcement, AEGEAN’s CEO, Mr. Dimitris Gerogiannis, said,

We are very pleased that through the joint efforts of our people and the evolution of their capabilities our Group has achieved significant profitability, after two years of severe losses during the pandemic, the most difficult period in aviation history. The result validates the effectiveness of our strategy, despite the challenging start of 2022 with the war in Ukraine and the increased jet fuel cost, proving that our investment in upgrading our fleet and services, unabated during the pandemic, has started to pay off in terms of improved competitiveness. “The Board of Directors will not propose any dividend payout for the fourth consecutive year in order to maintain sufficient cash reserves to fund the new investment in the MRO Facility & Simulator Center (announced in December 2022), as well as our capacity to buy-out the rights of the Hellenic Republic upon a potential exercise of their warrants. In 2023 we will take delivery of a further 9 new Airbus A320/321neo, part of the order of a total 46 neo aircraft by 2026.

“The first indications for 2023 are particularly encouraging, with international traffic in the first two months and ticket pre-sales’ trends for the upcoming summer, well above early 2022 but also versus the same period of pre-pandemic 2019. Furthermore, the use of a higher number of AIRBUS neo aircraft will bring unit cost savings in fuel per seat, partially mitigating higher interest rates impact and high inflation across Europe that will affect the suppliers and our operating costs.”

AEGEAN offers a network of 138 destinations, including 31 domestic and 107 international destinations in 44 countries. The carrier operates a fleet of 68 aircraft, including brand new Airbus A320neo Family aircraft. For the 11th consecutive year in 2022, AEGEAN was honored with the ‘Best Regional Airline in Europe’ by Skytrax. The airline also currently holds a four star rating from Skytrax.

Source: AEGEAN


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