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Aegean Airlines Soars to New Heights with Strong Financial Performance and Dividend Plans

A large white and blue Aegean Airlines Airbus A321neo passenger jet flying through a clear blue sky with fluffy white clouds below.

Aegean Airlines, Greece's leading carrier, is experiencing a remarkable turnaround in its post-pandemic era, achieving exceptional financial results and gearing up for a dividend payout to its shareholders. The company's Chairman, Eftichios Vassilakis, proudly announced that the first nine months of 2023 marked the most robust period in Aegean's history, surpassing all previous performance benchmarks.

Vassilakis emphasized that Aegean has not only fully recovered from the pandemic's crippling effects but has emerged stronger than ever, solidifying its position as a market leader and exceeding pre-pandemic levels set in 2019. This remarkable feat is attributed to the airline's strategic expansion, enhanced operational efficiency, and unwavering commitment to customer satisfaction.

Delving into the financial details, Vassilakis highlighted the impressive growth in Aegean's net profit margin, which soared to 12.8% for the nine-month period. This remarkable achievement positions Aegean among the top performers within the European listed carriers, a testament to its resilience and strategic agility.

With unwavering optimism for the remainder of 2023, Vassilakis projected operating profits to reach a staggering 400-415 million euros, while profit before tax is anticipated to fall within the range of €200-215 million. These projections paint a vivid picture of Aegean's continued growth trajectory and its ability to navigate the post-pandemic landscape with remarkable success.

In a momentous decision, Aegean's board of directors approved the distribution of a dividend to shareholders for the first time since 2019. This positive development reflects the company's strong financial standing and its commitment to rewarding its loyal investors. The dividend payout is expected to be officially approved at the general meeting in 2024.

Further solidifying Aegean's robust financial position, the Greek state exercised its option to acquire all outstanding warrants held by the company, amounting to a total of €85.4 million. This move signifies the state's unwavering confidence in Aegean's exceptional performance and its potential for continued growth.

Vassilakis remarked that the exercise of the warrants and their acquisition at the agreed-upon price signal Aegean's remarkable achievements in terms of both profitability and share price appreciation. The value of the allocated warrants significantly exceeded the state's expectations, demonstrating the company's resilience and unwavering commitment to shareholder value.

In a strategic move to enhance its fleet capabilities, Aegean exercised its option to increase the order from Airbus by three additional aircraft while leasing one more. This decision expands the total number of new-generation Airbus Neo family aircraft to 50, with the highly efficient A321neos representing 60% of the total order. To date, the airline has successfully taken delivery of 28 planes, bolstering its fleet with cutting-edge technology and enhanced fuel efficiency.

Aegean Airlines' exceptional financial performance, dividend plans, and fleet expansion are all indicative of the company's unwavering commitment to growth, innovation, and shareholder value. With a strong management team, a dedicated workforce, and a clear strategic vision, Aegean is poised to continue its remarkable ascent as a leading player in the global aviation industry.


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