Aegean Airlines announced consolidated revenue of 1.69 billion euros in 2023, up 27% compared to 2022.
In 2023, the Group offered 18,9 million seats, 3 million seats more than 2022 and carried 15.7 million passengers, 3.2 million more than 2022, with international traffic reaching 9.5 million.
Load factor reached 83.4%, increased by 3.6 p.p. Its network was expanded with 30 new destinations reaching 180 destinations in total, along with significant capacity investment, yielding positive results within a strong demand environment for inbound traffic but also increased demand from Greeks for international travel.
Aegean offered 11.2 million seats on the international network which covered 49 countries and further enhanced connectivity between destinations, thus further improving its product competitiveness and strengthening its operations in its key hubs in Athens and in Thessaloniki, leading consequently to strong revenue growth.
Despite inflationary pressures on operating costs, Aegean maintained a competitive cost structure. As a result, the Group’s EBITDA rose 46% to 400.4 million euros compared to the already strong 2022, further strengthening the Group’s position and confirming the full recovery from the two-year pandemic period.
Profit before interest and tax (EBIT) amounted to 246.8 million euros, 68% higher than 2022, with EBIT margin at 14.6% while Net Profit reached 168.7 million euros, 58% higher compared to 2022.
Strong profitability resulted in the generation of 334.8 million euro Cash Flow from operating activities after aircraft lease payments, securing the smooth delivery of the nine A320 neo family new aircraft and the rapid implementation of the Flight Simulator Training Centre and the Aircraft MRO Base investment.
The Company’s Board of Directors will propose for approval to the upcoming General Meeting of Shareholders the dividend distribution of 0,75 euro per share.
Dimitris Gerogiannis, Aegean’s CEO, commented: “Aegean delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher volatility. We are extremely satisfied with the result, which confirms Aegean’s growth strategy. In 2023 the Group progressed on all its strategic pillars, adding 30 new destinations to its network, increasing by four the Airbus A320neo family aircraft order reaching 50 in total, as well as initiating in December 2023 the operation of the Flight Simulator Training Center while the aircraft MRO Base will be operational within the first four months of 2024. We start 2024 on even more solid ground which allows further development of our people’s skills, higher value added services for our country and our shareholders, always prioritizing our continuous efforts to better serve our customers. Our strong performance in 2023 sets a high benchmark for 2024, especially given the challenges in the industry supply chain. Nevertheless, the increased demand prospects on our additional new capacity seem encouraging.”
