Aegean Air posts consolidated net revenues of €1.38 billion in first nine months

Aegean Airlines, Greece's flag carrier, on Thursday said its consolidated net revenue rose 4% to 1.38 billion euros in the first nine months of 2024, compared to the same period in 2023, ANA reports.

The Group offered 15.3 million available seats and carried 12.6 million passengers - up 5% compared to the same period in 2023 - of whom 7.4 million passengers flew to/from foreign destinations.

EBITDA was 330 million euros, profits rose to 170.4 million euros, and net profit for the nine months came to 132.0 million euros, 23% lower than the same period in 2023.

The nine-month results form the historically highest performance on passenger traffic and turnover for the firm, and the second historically highest performance in profits, despite the significant restrictions that came up.

During the third quarter, Aegean offered 63 million available seats, 2% more than the same quarter in 2023, and carried 5.3 million passengers. Domestic traffic rose 6%, while foreign traffic dropped 3% compared to the same quarter in 2023, as a result of the extraordinary suspension of flights to Israel and Lebanon. Occupancy reached 83.9%, and consolidated net revenue in the third quarter came to 630.8 million euros.

Commenting on the results, Aegean CEO Dimitris Gerogiannis noted, "Aegean again exhibited adaptability and strong performance in 2024 in the midst of significant external factors and increased seat offers by third companies to Greece. The replanning of our network and the organization's effective response once again brought satisfactory results, comparable to the strongest companies in the sector. At the same time, we also invested in our capability for higher added value, competitiveness and extroversion, with the completion and start of operation of the Center for Training and Maintenance at the Athens International Airport, as well as our first business venture beyond Greece, with our minority investment and start of collaboration with Volotea."

Gerogiannis added that Aegean will continue to receive new airplanes, and expects for the last quarter of the year to offer 4.5 million seats, 7% more than last year. This includes more flights - domestic and foreign - to and from London, Istanbul, Larnaca, Venice, Berlin, Dubai, Napoli, Tirana, Belgrade, and Sofia, as well as introducing new routes, such as Athens-Abu Dhabi and Thessaloniki-Amsterdam.

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