Aegean Airlines Posts Full-Year Profit
Airlines Business / Finance

Aegean Airlines Posts Full-Year Profit

DALLAS — Greek flag carrier Aegean Airlines (A3) has fully recovered from the pandemic, with 2022 revenues surpassing those of 2019, and expects to take delivery of new aircraft this year.

Aegean achieved a turnover of €1.34bn in 2022. This is 98% more than in 2021 and 2% more than in 2019. With €106.8m net profit, the airline achieved 38% more than in 2019 (€78,5m).

They carried 12.5 million passengers, 78% more than in 2021. The total capacity of the year 2022 offered in ASKs was 90% of that of 2019. In the fourth quarter of 2022 even 99% as big.

The airline had repaid all of the four major loans to Greek banks requested amid the pandemic by March 15, 2023, three years before the due date. Following the repayment, total cash and cash equivalents remain above €500m, while Net Equity has also returned to pre-pandemic levels.  

In line with the high demand, A3 took delivery of nine A320/A321neo aircraft this year as part of its order of 46 neo aircraft by 2026 and gradually replaced its turboprop fleet with ATR42 & 72-600s.

SX-NEC Aegean Airlines Airbus A320neo MAD LEMD. Photo: Adrian Nowakowski/Airways

Outlook for 2023

Aegean Airlines plans to operate with 76 aircraft in 2023 and offer a total of 18 million available seats, including 11 million seats in its international network, i.e. 2 million more seats than in 2022 and 800,000 more than in 2019. The Greek flag carrier is expected to operate 264 routes from 8 bases to 161 destinations in 41 different countries in 2023.

Aegean says it is satisfied with the first two months of 2023 and with the advance ticket sales for the summer. Sales are significantly higher than in the same period in 2022 and also in 2019.

Furthermore, many modern Airbus-NEO aircraft are in use, which require less fuel per seat. This reduces operating costs and contributes to reducing CO2 emissions.

Featured image: Alberto Cecchetti/Airways

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