Aegean Airlines reported strong first half results with net income totaling 51.5 million euros compared to 10.8 million euros a year ago. Revenue reached 449.1 million euros compared to 327.3 million euros a year ago.
The Greek airline said passenger traffic was up 42% to 6.7 million, EBITDA soared to 139.5 million euros from 37.7 million in the first half of 2022 and net profits rose to 37.1 million euros from a loss of 27.7 million last year.
The Group offered 22% more seats following its network expansion, bringing an even higher increase of 28% in passenger traffic and welcoming 4.1 million passengers from 3.2 million in the same period last year. Load factor reached 82.6% from 79.2% in the second quarter last year.
Network expansion with the addition of 16 new international routes, as well as increased frequencies to destinations in Italy, Spain, Germany, Scandinavia, Israel, Egypt and Saudi Arabia, markets where demand has recovered significantly, contributed to the Group’s strong performance.
“Our performance in H1 2023 confirmed the consistent implementation of our targets in an environment of strong demand and intense competition. We are presenting exceptionally strong results stemming from network expansion and increased capacity following new aircraft deliveries, while at the same time, cost discipline and continuous upgrade of our services and product further enhance our competitiveness,” Dimitris Gerogiannis, Aegean’s CEO, stated.
