Greece’s civil aviation sector is growing steadily in the last few years, an ICAP Group report said, with traffic in the country’s airports surpassing 430,000 flights in 2015, with more than 49 million passengers, an increase of 10 pct compared with 2014.
Today, as regards domestic and international air transport, there is complete liberalization of fares, routes and capacity, and currently 21 Greek air carriers operate in the aviation industry (passenger and cargo air transport), which have been licensed by the Hellenic Civil Aviation Authority, while there are more than 20 ground services companies operating in Greek airports.
“The size of the Greek airline companies is steadily rising in the last three years (2013-2015) with an average annual growth rate of 9.0 pct, while the ground services sector also grew at around the same average rate. The fact that Greece is a popular tourist destination, combined with the fact that the majority of foreign visitors travel on air, are strong points for the sector, while on the other hand, seasonality and lack in infrastructure in regional airports, are considered to be weak spots,” Stamatina Panteleou, director of Economic-Sector Reports in ICAP Group said.
Based on a group balance sheet of 18 Greek airline companies, assets grew 11.5 pct in 2014/2013, while sales rose 6.4 pct and gross earnings jumped 20.4 pct. Net pre-tax earnings rose 24.5 pct in 2014 and EBITDA rose 24.5 pct in the same year. A total of 12 out of the 18 companies in the survey were profitable in 2014.
A group balance sheet of 15 ground services companies showed a 13.5 pct increase in assets in 2014, sales rose 10.1 pct and gross earnings jumped 41.1 pct. EBITDA more than doubled in 2014, while a total of 12 companies out of the 15 in the survey were profitable.
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