Aegean sees profits take off
Aegean Airlines expects 2023 to be a year of high performance and that the company will distribute a dividend to shareholders. As Chairman Eftichios Vassilakis mentioned, this year’s first nine months were the strongest ever in terms of performance.
“Aegean has not only fully recovered from the pandemic, but has strengthened its overall position in the market and has recorded a significant improvement compared to 2019,” he emphasized. In a comprehensive update, Vassilakis noted, on Friday afternoon, that the airline has strengthened its share in the domestic and international market from 2022, outgrowing the sector.
Commenting on Aegean’s financial figures, he said the ratio of net profit to revenue rose to 12.8% in the nine months, adding that the airline is one of the best performers among European listed carriers. He predicted that this year will end with operating profits of 400-415 million euros and profit before tax of €200-215 million.
For this financial year, the listed company will distribute a dividend for the first time after four years, which is expected to be approved at the general meeting in 2024.
For the exercise of the option and the acquisition – at a price of €85.4 million – of all the warrants held by the state, Vassilakis noted that it signals that Aegean achieved very good performance both in terms of profitability as well as with regard to its share price. The course of the value of the allocated warrants significantly exceeded the expectations of the state, as he said. On this issue, an extraordinary general meeting will be held on December 14, with Aegean having already received letters from shareholders representing more than 60% of the share capital and stating that they intend to vote in favor of the acquisition of the warrants at the upcoming meeting.
Aegean exercised its option to increase the order from Airbus by three aircraft, while proceeding to lease one more. This means the total number of new generation Airbus Neo family aircraft will increase from 46 to 50, with the highly efficient A321neos representing 60% of the total order. To date, the airline has taken delivery of 28 planes.
