Pegasus Airlines shared its financial results for the first quarter of 2024 in a disclosure to the Public Disclosure Platform (KAP). According to the data released by the company, while there were increases in some key performance indicators compared to the previous period, there was an increase in the net period loss.
Key Performance Indicators
- Passenger Count: Pegasus experienced a significant increase in the number of passengers. The total number of passengers rose by 28% to 8.1 million compared to the same period last year. There was also a 32% increase in international passenger numbers.
- ASK (Available Seat Kilometers): The company’s total ASK increased by 29% to 14.2 billion compared to the previous period. The international ASK ratio rose to 81%, an increase of 33%.
- Load Factor: There were also increases in load factors. The total load factor increased to 87.2%, while the international load factor reached 85.3%.
- Revenue from Sales: Pegasus’ sales revenue was reported at 519 million Euros, representing a 17% increase compared to the previous period.
- EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization): However, there was a significant decrease in EBITDA. EBITDA decreased by 44% to 39 million Euros compared to the previous period.
- Net Period Loss: The net period loss increased significantly to -103 million Euros compared to the previous period. Traffic and Financial Performance
The company’s traffic performance was influenced by the expanding flight network and increasing pilot production capacity, resulting in a 12% increase in average aircraft utilization. Pegasus’ strategic focuses on “increasing load factor” and “growing ancillary revenues” materialized with an 87.2% load factor and 24.5 Euros in ancillary revenue per passenger.
Future Expectations – 2024
Pegasus Airlines maintains its plan for a 10-12% increase in total ASK for 2024 while expecting RASK (Revenue per Available Seat Kilometer) to remain flat compared to 2023. However, it is anticipated that there will continue to be upward pressure on expense items. The company expects the EBITDA margin to be in the range of 28-30%.
Fleet Development and Strategic Plans
Pegasus Airlines’ fleet consists of 105 aircraft, and the company aims to increase the fleet size to 118 aircraft by the end of 2024. In line with this goal, deliveries of A320neo and A321neo models continue, and an increase in the average number of seats in the fleet is planned.
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