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AEGEAN Reports Third Quarter 2023 Net Profit of €133.6 Million

AEGEAN has reported a third quarter Net Profit of €133.6 million on a year-over-year increase in revenue of 14 percent to €653.6 million.  This represents the best quarter I the airline’s history, both in terms of revenue and profitability.

AEGEAN Airbus A321neo - Courtesy Airbus

On Tuesday (November 14, 2023), AEGEAN reported their third quarter and nine month financial results for the period ending September 30, 2023.  The carrier reported their best quarter in history with a third quarter net profit of €133.6 million on a year-over-year increase in revenue of 14 percent to 656.3 million.  For the first nine months of 2023, AEGEAN reported a net profit of €170.7 million on a 31 percent increase in revenue compared to 9M 2022 to €1.33 billion.  At September 30, 2023, the company had cash and cash equivalents totaling €755.5 million and net debt of €408.3 million.

In Tuesday’s announcement, AEGEAN’s Chief Executive Officer, Mr. Dimitris Gerogiannis, said,

“AEGEAN announces another strong set of results with record profitability, delivering one of the best set of 9M results in our sector.  Our network expansion, the significant capacity investment with the addition of 3 mil. available seats in 2023 versus last year, along with robust demand for Greece, contributed to AEGEAN’s strong momentum.  At the same time, rising outbound leisure travel supported by local demand, along with robust incoming traffic, further boosted the dynamics in our key hubs in Athens and Thessaloniki, with AEGEAN playing a pivotal role in these developments, given its capacity investment growth and its contribution to the distribution of tourist activity to all of the country’s regions.  It is worth noting that following the excellent performance in 2022, a second consecutive record year validates the company’s strategy, prospects and relative market position in the post-covid era.  

“Recent developments in the Middle East, however, demonstrate that we will continue to operate in a dynamic and challenging environment with low forward visibility.  Similarly, on the operational front, it is evident that there will continue to be challenges from limits in soft and hard infrastructure as well as supply chain issues that will significantly impact operations.We are working diligently within the initial budgeted timeframe to launch Training Center and the 3rd Party MRO operations.  We have taken delivery of 3 flight simulators and other training equipment, and we are gradually building up our capacity with qualified personnel, so as to initiate operation in both units in January 2024.”

AEGEAN's Third Quarter and 9M 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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