LONDON – On November 10, the Greek flag carrier, Aegean, has published its third quarter (Q3) and nine month trading updates for 2022.

The Q3 & Nine Month Trading Results

Starting things off from their Q3 perspective, Aegean has achieved a €152.1 million profit following a revenue input of €571.4 million and a net profit of €120.8 million. Both of these figures are quite a significant improvement when compared to 2021’s Q3 standings of a profit of €58.8 million from a revenue of €333.9 million.

This makes the profit in Q3 2022 a 158% increase with revenue also increasing by 71% when compared to the 2021 figures.

These improvements were certainly helped by the fact that Aegean carried 4.6 million passengers during 2022’s Q3, which is a 41% increase when compared to 2021’s Q3 passenger figures of 3.3 million.

During this quarter, Aegean achieved a load factor of 83.9%, which is a 13.6% increase on 2021’s Q3 load factor of 70.3%, this is coupled with a 2022 Q3 ASK (Available Seat Kilometres) of 6.1 million, with 2021’s Q3 ASK standing at 4.8 million, this yet another increase of 27% in capacity year-on-year.

When compared to 2019 (pre-covid) figures, this years Q3 ASK’s were 97% of the 2019 Q3 availability, with revenue during this quarter exceeding 2019’s revenue at 111% as well as pre-tax profit also increasing from 2019’s Q3 figure of 123%.

From a nine month perspective, Aegean has achieved a revenue figure of €1.02 billion, which is a 109% increase on 2021’s nine month revenue figure of €486.8 million. This is also coupled with a net profit for 2022’s nine month period of €93.2 million when compared to 2021’s nine month net profit of €28.8 million, a staggering 224% increase.

In terms of passenger figures for Aegean’s nine month stats they have carried a total of nearly 9.4 million passengers, a 89% increase on 2021’s 4.9 million passenger count. During the nine months in 2022, they achieved a load factor of 79% compared to 2021’s 64% load factor, a 15% increase with 2022’s ASK’s standing at 12.6 million which is up by 69% from 2021’s 7.4 million.

Comparing 2022’s nine months figures to 2019, Aegean’s ASK’s were at 88% of the 2019 level, with revenue being at 99% and pre-tax profit exceeding 2019’s figure at 114%.

Aegean Senior Comments

Aegean’s Chief Executive Officer, Mr Dimitris Gerogiannis, has said, “We are please to have successfully navigated multiple challenges, delivering strong profitability and indeed one of the best set of results for our industry, after two extremely difficult years. Efficient management of our network, fares structure and costs coupled with our people’s daily effort to best serve our passengers, contributed to this result.”

“We are confident that through further developing our competitiveness and through our investment in our new fleet and new services, we will continue to create value for our shareholders and our country and also to offer our staff new opportunities for development, despite the geopolitical and economic headwinds which once again seem to be increasing.”

Overall

Aegean has worked extremely hard over the past year to achieve these impressive results, especially when the war in Ukraine is still causing a price hike in fuel and oil, as well as other service costs increasing dramatically due to the heavy rise of inflation globally. It will be interesting to see where Aegean lands with its full-year results and what growth opportunities they will venture into next.