After four years of prioritizing economic endeavors, Aegean is reverting to its dividend distribution policy for the fiscal year 2023. In a significant announcement made yesterday alongside the release of its financial results, the company’s Board of Directors revealed plans to propose the distribution of a dividend amounting to 0.75 euros per share at the upcoming General Assembly for approval.
Despite repurchasing stock acquisition rights from the Greek State for 85.4 million euros in Jan. 2024, Aegean has decided to distribute dividends. The company’s robust profitability in 2023, leading to operational cash flows of 334.8 million euros after aircraft lease payments, ensured uninterrupted financing for the acquisition of 9 new A320/321 neo aircraft and rapid advancements in the Aircraft Training Center and Maintenance Base.
Since 2019, Aegean had ceased dividend distribution to bolster its financial standing. However, with highly satisfactory results for 2023, including post-tax profits of 168.7 million euros, 58% higher than 2022, Aegean will distribute 67,625,325 euros to shareholders, offering a dividend yield of 6.62% based on the closing price at the end of 2023.
Regarding 2024, the Aegean Group plans to expand its operations from its current 7 bases, offering 19.5 million seats and covering 47 countries with 249 routes.
