Aegean continued its growth in the second quarter, offering 5.4 million seats, 9% more than in 2023, with passenger traffic growing by 8%. Growth was balanced between the international network with 2.6 million passengers, up 9%, and the domestic network with 1.8 million passengers, up 8%, the airline said. The load factor was 81.2.
Consolidated turnover for Q2 amounted to €480.3 million, up 7% compared to the same period in 2023, with EBITDA of €114.4 million, up from €120.2 million in Q2 2023, and a profit after tax for Q2 2024 of €43.9 million, up from €51.5 million in Q2 2023.
In total, in the first six months of the year, AEGEAN carried 7.3 million passengers, 9% more compared to the first six months of 2023, offering 9.5 billion passenger seats, 11% more than in the same period in 2023. The load factor was 81.4% in the first half of 2024.
At the six-month level, consolidated turnover exceeded by 10% in the first half of 2023, reaching €749.1 million, while total earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to €147.6 million, an increase of 6% compared to the first half of 2023. The group's profit before tax for H1 2024 amounted to €31.6 million compared to €48.7 million in H1 2023, while the group's profit after tax amounted to €22.9 million compared to €37.1 million in H1 2023.
Due to strong positive cash flows from operating profitability and the pre-sales of tickets in the summer season, cash reserves and readily realisable financial assets increased to €814.4 million. at 30.06.2024 from €706.3 million at 31.12.2023, following the redemption of the warrants with the payment of €85.4 million to the Hellenic Republic on 02.01.2024 and the first dividend payment in four years of €67.6 million to shareholders on 27.05.2024.
It is important to note that the process of early inspections and repairs on the A320/A321 neo GTF engines, which, starting in October 2023 and per period, will ground a significant part of our fleet of new aircraft, is a significant burden on the company's costs in terms of fuel, maintenance costs and aircraft leases. The compensation received from the manufacturer covers a significant portion, but by no means all, of the cost increase and the loss of supply of additional available seats. The burden of increased CO2 purchases also has a significant impact on costs, given the ongoing and three-year phasing out of free historical allowances for airlines in the aviation sector.
CEO STATEMENT
Dimitris Gerogiannis, CEO, said: "The First Half result remains particularly strong, despite the increase in capacity offered to our country, but also the significant operational and regulatory requirements that are weighing on our costs. In fact, given the high seasonality of demand, it is important that with our efforts to extend the season we have managed to leave behind the years where, up to 2019, AEGEAN's First Half result was loss-making.
Always acting with prudence and planning, we have already launched strategic decisions that cover the whole range of AEGEAN's ecosystem, from the 4 new Airbus A321neo with a significantly longer range and a new dedicated passenger cabin to serve markets outside the EU to the development of the aircraft maintenance center and the crew training center, and the most recent strategic investment of participation and cooperation with VOLOTEA—actions that consolidate and strengthen AEGEAN in the European aviation market. The steps are ongoing and are measured, careful, but always enough to provide a momentum that supports the growth of the company, our people, and, we believe, the country.".
