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What led to strong growth and profitability in the 9M | TheGreekDeal.com
Aegean
What led to strong growth and profitability in the 9M
WHAT LED TO STRONG GROWTH AND PROFITABILITY IN THE NINE-MONTH PERIOD
TIME TO READ
2 min
Dimitris Gerogiannis, CEO, AEGEAN

The consolidated turnover of Aegean for the nine-month period of 2023 reached €1.33 billion, marking a 31% increase compared to the same period in 2022.

The group provided 15.7 million seat-kilometers and transported 12.2 million passengers, a total of 30% more than the previous year, including 7.3 million passengers to/from international destinations.

The seat occupancy rate reached 84%, an increase of 5 percentage points compared to the same period in 2022. Factors such as fleet enrichment with new technology aircraft, timely fuel hedging for part of the needs, and maintaining profitability despite intensified competition, inflationary pressures, and rising interest rates contributed to offsetting the impacts.

Dimitris Gerogiannis, CEO of the company, stated: "Aegean achieved high profitability, presenting one of the best results in the industry for the nine months of 2023. The expansion of our network, the increase in offered capacity by almost 3 million additional available seats for the entire 2023 compared to 2022, combined with strong demand for Greece, contributed to the robust dynamics of our growth. Additionally, the enhancement of Greeks' willingness and ability for recreational travel, in combination with the high dynamics of tourist demand, further strengthened the main hubs of Athens and Thessaloniki. Aegean played a crucial role in their development, particularly by expanding to new destinations."

As for the prospects in the upcoming period, Mr. Gerogiannis added that "recent developments in the Middle East indicate that we will continue to operate in a particularly dynamic and volatile environment where conditions and predictability will remain challenging. Similarly, in the operational field, it is evident that difficulties will persist in both infrastructure and the supply chain, significantly affecting operations.'

He further stated that the company is systematically working within the schedule for the operation of the Training Center and the Aircraft Maintenance Base. 'We have already received three simulators and the remaining equipment, and we have staffed our units with specialized personnel to be operationally ready for the launch of the Centers in January 2024,' he emphasized."

WARRANTS

It is noted that the Greek Government submitted a declaration of intent on 03/11/2023 to exercise all the rights to acquire common shares (warrants) of the company it holds. The Board of Directors of Aegean will convene an Extraordinary General Meeting of shareholders to make the necessary decisions regarding the company's ability to acquire and cancel the warrants, as well as to complete their implementation within the deadlines stipulated by the terms of the warrants, with the aim of completing all actions within the current year.

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