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AEGEAN Reports Second Quarter 2023 Net Profit of €51.5 Million

AEGEAN has reported a second quarter 2023 net profit of €51.5 million on a year-over-year increase in revenue of 37 percent to €449.1 million. At June 30, 2023, the carrier had cash and cash equivalents totaling €200 million.

AEGEAN Airbus A321neo - Courtesy Airbus

On Thursday (September 7, 2023), AEGEAN announced their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net profit of €51.5 million on a 37 percent year-over-year increase in revenue to €449.1 million. During the first half (H1) of 2023, AEGEAN fully repaid loans drawn during the pandemic totaling €68.5 million, and also repaid a finance lease contracted in 2020 for an Airbus A321neo. The carrier also purchased a new A320neo for €70 million in cash, and ended the period with 11 unencumbered aircraft, up from four at December 31, 2019. At June 30, 2023, AEGEAN had cash and cash equivalents totaling €200 million.

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

“Our performance in H1 2023 confirmed the consistent implementation of our targets in an environment of strong demand and intense competition. We are presenting exceptionally strong results stemming from network expansion and increased capacity following new aircraft deliveries, while at the same time, cost discipline and continuous upgrade of our services and product further enhance our competitiveness.”

During H1 2023, AEGEAN took delivery of nine new aircraft, expanding their fleet of Airbus A320neo Family aircraft to 28.

AEGEAN's Second Quarter and H1 2023 Financial Results - Courtesy AEGEAN

AEGEAN and their Olympic Air subsidiary carried 12.5 million passengers in 2022, and will offer 18 million seats this year. During 2023, the carrier’s network includes a total of 165 destinations, with 30 domestic and 135 international routes in 46 countries. The carrier operates 10 bases in Greece and abroad, and operates a fleet of 76 aircraft including New Airbus A320neo Family jets. AEGEAN is a member of Star Alliance and has been named the ‘Best Regional Airline in Europe’ for the 12th consecutive year by Skytrax.

Source: AEGEAN


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