Greece is a unique aviation market. The country itself is a tourist magnet. Millions of holiday makers travel over to Greece every year to visit the historical sights and enjoy some of the most beautiful islands and beaches in Europe. Hover looking at the aviation market the country no longer has a real flag carrier since Olympic Airlines ceased operations in 2009. Since then, there hasn’t been a carrier in the country capable of offering long-haul connections and intercept incoming tourist outside of Europe and the Middle East. In this landscape Aegean has been since the top-dog specialising in shorth and medium-haul operations, proving to be quite successful. The first six month of 2024 confirm the airline’s stronghold over domestic and incoming traffic with growing figures.
Aegean Passengers Grow in First Six Months of 2024
As Aegean doesn’t have any long-range capabilities due to its fleet composition, its financial and passenger performances depend heavily on the overall European tourism situation. In essence if many travellers are coming to Europe from Asia, the US, and Australia it is likely that they will visit Greece and a cut of those will inevitably fly Aegean.
2023 was a wonderful year for many airlines in Europe. Low-cost and full-service carriers alike benefitted from the strong transatlantic demand. 2024 is yet to be seen some airlines are already not performing as well as the prior year. Air France-KLM and Lufthansa have already announced they will be having getting close to 2023 financial results.
Aegean, however, seems not to be suffering of such problems so far this year. The Greek airline has in fact registered a further uplift in passenger numbers from 2023 in the first 6 months of 2024, albeit with a slightly lower load factor. The decrease in load factor is limited to just a few decimals in Q2 alone but much bigger in the semester.
Aegean’s 2024 First Half Passenger Performance
Figures look overall good for Aegean in the first six months of the year comparing them to last year. However we all know that European airlines make the big bucks in Q3 therefore, that will be the telling part of the year that will make or break the airline’s profits.
Here’s what Aegean’s passenger performance looked like in the first 6 months of 2024:
| 2024 | 2023 | Var.% | |
|---|---|---|---|
| Available Seats | 8.943.128 | 8.171.025 | 9,45% |
| ASK | 9.533.971.216 | 8.600.758.018 | 10,85% |
| Passengers | 7.253.023 | 6.639.658 | 9,24% |
| Domestic Passengers | 2.955.995 | 2.714.338 | 8,90% |
| Intl Passengers | 4.297.028 | 3.925.320 | 9,47% |
| Intl Pax from/to Athens | 3.569.151 | 3.193.794 | 11,75% |
| Intl Pax from/to Thessaloniki | 506.931 | 461.486 | 9,85% |
| Load Factor | 81,00% | 82,30% | -1,58% |
While this table isolates the figures for Q2 2024:
| 2024 | 2023 | Var.% | |
|---|---|---|---|
| Available Seats | 5.397.138 | 4.944.102 | 9,16% |
| ASK | 5.789.702.418 | 5.278.726.176 | 9,68% |
| Passengers | 4.399.182 | 4.064.980 | 8,22% |
| Domestic Passengers | 1.814.113 | 1.686.498 | 7,57% |
| Intl Passengers | 2.585.069 | 2.378.482 | 8,69% |
| Intl Pax from/to Athens | 2.096.687 | 1.853.300 | 13,13% |
| Intl Pax from/to Thessaloniki | 292.021 | 261.324 | 11,75% |
| Load Factor | 81,20% | 82,00% | -0,98% |
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