Aegean returns to profitability in Q2 2022

Passenger traffic of AEGEAN airlianes has significantly increased by 171% in the second quarter of 2022, reaching 3,3 mil. passengers from 1,2 mil. in the corresponding quarter of 2021.

Load factors have also improved, at 79,2%, 23 p.p. higher compared with the second quarter of 2021.

AEGEAN has restored its capacity at 86% in the second quarter of 2022, following the easing of Covid-related measures.

The significant increase in flight activity and demand has contributed to a 201% increase in consolidated revenue in the second quarter of 2022, which stood at €327,3 mil. from €108,6 mil. in the second quarter of 2021.

Despite the more than double fuel cost (compared with 2019), the Group reported Profit before taxes of €17,7 mil. and Profit after taxes of €10,8 mil. in the second quarter of 2022 from Losses after taxes of €33,9 mil. in the same period in 2021.

Overall, for the first half of the year, consolidated revenues increased by 193%, with passenger traffic up 187% and available seats 101% compared to the first half of 2021. In the first half of 2022 Losses after taxes amounted to €27,7 mil. from losses of €78,4 mil.

As of 30.06.2022, cash and cash equivalents balance was €602,1[1] mil.

Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented: “After two challenging years, it is a fact that revitalized demand, especially strong to Greece, supported traffic recovery. AEGEAN, following additional A320neo deliveries, invested by expanding its network from its main hub in Athens, but also from Thessaloniki, Heraklion and Chania, gradually increasing its capacity, flying to 138 destinations by the end of June.We managed to return to profitability in Q2 despite the significant increase in fuel costs well ahead Q3 which is always   strongest in contribution of revenue and profitability for the year. This positive trend continued during the summer months, where we offered 98% of our pre-pandemic ASK’s and achieved Load factors of 84% and 3,2 mil. passengers in the two summer months July and August, supporting further our profitability forecast for FY 2022. We certainly still have challenges and uncertainties ahead of us. We continue to invest with a steady pace to improve our product quality and manage our network and fleet efficiently”.