Half Year 2024 Aegean Airlines SA Earnings Call Transcript
Key Points
- Aegean Airlines SA (AGZNF) reported strong performance in the first half of 2024, with growth in passenger numbers and revenues.
- The company carried 7.3 million passengers in the first half of 2024, a 9% increase compared to the same period last year.
- Revenues reached nearly EUR750 million, which is 10% higher than H1 2023, with EBITDA standing at EUR147.6 million, a 6% increase.
- The company has a strong cash position, with cash at the end of June 2024 reaching EUR814 million, up from EUR706 million at the end of 2023.
- Aegean Airlines SA (AGZNF) is expanding its fleet with the delivery of three new NEO aircraft in the first half of 2024, bringing the total to 31 new aircraft.
- Profit before taxes in H1 2024 amounted to EUR31.6 million, down from EUR48.7 million in 2023.
- The GTF engine issue has significantly impacted the company's cost structure, affecting fuel, maintenance, and aircraft fleet costs.
- The grounding of aircraft due to mandatory engine inspections has caused operational disruptions and increased costs.
- Inflationary pressures and increased CO2 purchase costs have negatively impacted the company's expenses.
- The USD exchange rate movements resulted in an FX loss of almost EUR4 million in H1 2024, compared to gains in the same period last year.
Gentlemen, thank you for standing by. I'm Constantinos, your Chorus Call operator. Welcome, and thank you for joining the Aegean Airlines conference call to present and discuss the first half 2024 financial results.
At this time, I would like to turn the conference over to [Mr. Dimitrios Gerogiannis], Deputy CFO. Mr. Kouveliotis, you may now proceed.
Good afternoon, everybody, and welcome to our first semester and second quarter call for 2024. Let me first say that with our Deputy CFO and Executive Board Member, Mr. Stella Dimaraki and our Investor Relations Manager, Mr. Anthi Katelani, for example. I mean.
So we welcome you to our call and we are here for your questions. Let us get with our initial comments, which are not going to be very detailed. I prefer to keep them relatively short in order to give space and time for Q&A, which I believe is much more efficient for this call.
So again, for one more time, has reported strong performance in the seasonally
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