Pegasus Hava Tasimaciligi Anonim Sirketi (PGSUS) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached €2.37 billion, up 15% year-over-year, with net profit at €310.2 million, slightly below the prior year's €321.1 million.

• Operating profit for the period was €442.5 million, compared to €456.0 million in the same period last year.

• The company increased its paid-in capital from €60.5 million to €230.0 million, funded from share premiums.

• Total assets grew to €7.27 billion from €6.20 billion at year-end 2023.

Financial highlights

• Revenue rose to €2.37 billion from €2.06 billion year-over-year; gross profit increased to €583.4 million from €563.6 million.

• Net profit for the period was €310.2 million, with earnings per share at €1.10, compared to €3.14 in the prior year (reflecting the capital increase and share count change).

• Operating cash flow for the nine months was €740.5 million, up from €738.9 million in the prior year.

• Cash and cash equivalents at period-end were €1.24 billion, up from €0.77 billion at year-end 2023.

• Total equity increased to €1.98 billion from €1.68 billion at year-end 2023.

Outlook and guidance

• The company expects higher revenues in the second half of the year due to seasonality in air passenger transportation.

• Trade receivables and passenger flight liabilities increased as of 30 September 2024, reflecting higher sales and operational growth.