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AEGEAN Reports Second Quarter 2024 Net Profit of €43.9 Million

AEGEAN has reported a second quarter net profit of €43.9 million on a year-over-year increase in revenue of 7.0 percent to €480.3 million.


AEGEAN Airbus A320neo - Courtesy AEGEAN

On Wednesday (September 11, 2024), AEGEAN reported their second quarter and half year financial results for the period ending June 30, 2024.  The carrier reported a second quarter net profit of €43.9 million on a 7.0 percent year-over-year increase in revenue to €480.3 million.  For the first half of 2024 (H1 2024), AEGEAN reported a net profit of €22.9 million on a 10 percent increase in revenue compared to the same period last year to €749.1 million.  At June 30, 2024, the carrier had cash and cash equivalents totaling €814.4 million. 


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


“The result in the First Half of the year remains particularly strong, despite the increase in the capacity offered by the competition but also the significant operational and regulatory requirements that burden our cost base.  In fact, given the seasonality of the market, it is important to highlight that following our coordinated effort to extend the tourism season, we have managed to leave behind the years where, until 2019, Aegean’s First Half period results were loss-making.


“Given our prudent and consistent approach in planning ahead, we have already launched strategic decisions, like the 4 new Airbus A321 neo with an extended range and a New High Comfort Configuration to serve Non-EU Markets, the development of the new Maintenance, Repair and Overhaul Facility and the Training Center Simulation Facility and most recently the strategic investment and cooperation with Volotea, strategic developments which all together foster and strengthen AEGEAN’s position in European Aviation market.  Our steps forward are continuous within a steady and measured way, always enough to give a new dynamic that support the development of the Company, our people and the country overall.”


AEGEAN's Second Quarter and First Half 2024 Financial Results - Courtesy AEGEAN

AEGEAN operates a fleet of 76 aircraft including new Airbus A320neo Family jets, and offers service to 156 destinations, with 249 direct routes to 47 countries.  The carrier operates 10 bases in Greece and abroad and is a member of Star Alliance.  Currently, AEGEAN employs over 3,700 team members. 


 

Source: AEGEAN



 

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