AEGEAN Reports Third Quarter Net Profit of €51.3 Million on 115% Increase in Revenue to €334 Million
AEGEAN has reported a third quarter 2021 net profit of €51.3 million on a year-over-year increase in revenue of 115 percent to €334 million, their first profitable quarter since the onset of the global COVID-19 pandemic.
On Wednesday (November 24, 2021), AEGEAN reported their third quarter 2021 financial results for the period ending September 30, 2021. The carrier reported a third quarter net profit of €51.3 million on a year-over-year increase in revenue of 115 percent to €334 million, their first quarterly profit since the onset of the pandemic. During the third quarter, AEGEAN carried 1.5 million domestic and 1.8 million international passengers with an average load factor of 70.3 percent, compared to a load factor of 65.7 percent for Q3 2020, but lower than the pre-pandemic Q3 2019 load factor of 87.7 percent. The carrier operated direct international flights from their bases in Athens, Thessaloniki, Heraklion, Rhodes, Chania, Corfu, Mykonos and Larnaca during the third quarter, supporting the gradual return to normality for Greece’s tourism.
In Wednesday’s announcement, AEGEAN’s CEO, Mr. Dimitris Gerogiannis, said,
“Our Q3 performance demonstrates that we have effectively managed the gradual recovery in demand to and within our country and the progressive lifting of intra-European travel restrictions. Once more we managed our network flexibly taking advantage of opportunities in major source markets like Germany, France, Belgium, Netherlands and Austria while also adjusting to significant restrictions in markets like UK, Russia, Scandinavia and Israel which limited our activity. “We have completed the process of strengthening our capital base and accelerated pre-delivery payments to Airbus, necessary for the accelerated delivery of 22 additional new Airbus A320/321neo aircraft within 2022-2023, boosting our competitiveness and improving our ability for new services to our customers. We have also efficiently managed our operating costs. Despite the under-utilization of our fleet where we offered 75% of pre-covid capacity and the adverse effect of load factors which were significantly lower than pre-pandemic levels, we were one of the few listed airlines in Europe which generated a positive headline result in the third quarter.
“The pandemic and its effects are still with us with its impact expected to be evident particularly during the seasonally weak winter period. However, we believe that demand in 2022 will be stronger as of the second quarter the year, allowing us an improved exploitation of our activity and ongoing fleet investments.”
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.