Higher than 2019, when there were no traffic restrictions due to COVID-19, FY 2022 shows Aegean Sea. Compared to 2019, the group of airlines increased by 2% and by 36% turnover And profit after taxes, which amounted to 1.34 billion euros and 107 million euros, respectively. Last year, Aegean offered 15.8 million seats and carried 73% more passengers compared to 2021, bringing the total to 12.5 million, of which 7.3 million are international. In addition, in 2022, Aegean allocated 90% of the 2019 seat-kilometres offered (ASK is the total number of available seats on a scheduled flight times its number of kilometers), compared to 99% of pre-pandemic levels in the fourth quarter. The proposed ASKs correspond to 115% of 2019 revenue, i.e. 317.4 million euros, and for the first time in the history of the company brought in a profit after tax of 13.6 million euros in 2022.

As previous years were particularly difficult due to the pandemic, Aegean management offered 700 employees a €12 million profit bonus in 2022. “Our backbone is our people and we appreciate their loyalty and support during this crisis,” Aegean CEO Dimitris Geroyannis said during a conference call with analysts yesterday.

Commenting on the financial results of the past financial year, Aegean President, Eutyhis Vasilakis, noted that 2022 was a very successful year, with performance exceeding that of 2019 and higher margins compared to peers in Europe. The full recovery of the airline is evidenced by the fact that last year Aegean had only one negative quarter, the first when there are usually two loss-making quarters. Except, that is, from the first and fourth, which was also the first profitable in the history of the company. This is despite the fact that last year the capacity offered to and from Greece by mainly foreign carriers, IG, Lufthansa, Aifrance-KLM, Ryanair, Easyjet and Wizz Air, was much higher compared to 2019.

The airline group carried 12.5 million people last year.

At the end of 2022, Aegean’s net worth was slightly up €22 million compared to 2019 as the airline repaid the last installment of an emergency loan it received from four major Greek banks during the pandemic three years early. Based on the results of the first two months and advance ticket sales for the summer, Mr. Vasilakis estimates that Aegean’s passenger numbers will exceed this year’s (15 million) in 2019.

Speaking about the financing of new investments, Mr. Vasilakis noted that the additional capital costs for this year and for 2024 are (for each year) from 100 to 120 million euros, including 60 million euros. This will be paid over five years – 10 million euros already spent – and is linked to a concession agreement with Athens International Airport to establish the first Aircraft Maintenance Center and the first flight simulator and crew training. Center in Greece.

76 aircraft

This year, Aegean will operate 76 aircraft and receive nine more Airbus Neos aircraft, which will operate 33% (up from 23% in 2022) of total flights in 2023, Mr Geroyannis noted.