Strategic financial insights: assessing the pandemic impact on greece's top aviation companies

Eliska Covar

MPRA Paper from University Library of Munich, Germany

Abstract: Purpose This study delves into the transformative effect of the COVID-19 pandemic on Greece's aviation industry, specifically focusing on its major players: Aegean Airlines S.A., Sky Express S.A., and Olympic Air S.A. The purpose is to dissect the unique challenges brought about by the pandemic, evaluating their financial implications and strategic adaptations. This research is paramount due to its relevance, offering nuanced insights into the industry's resilience amidst unparalleled adversity. Method Employing a rigorous approach, this study utilized financial ratios spanning 2018 to 2021, meticulously analyzing data sourced from annual reports and financial statements. Established financial metrics were applied to measure profitability. Findings Our analysis reveals significant setbacks faced by these companies during the pandemic. However, amidst challenges, strategic adaptations and resilience emerged as guiding principles. Notably, Aegean Airlines demonstrated exceptional resilience, evidenced by a Return on Capital Employed (ROCE) of 32.93% and an impressive Net Profit Margin (NPM) surge of 58.57% during the in-COVID period. Novelty This study's uniqueness lies in its precise analysis of the pandemic's impact, highlighting the strategic initiatives that empowered these companies not only to endure but to emerge stronger. These insights offer valuable perspectives for industry stakeholders and researchers, illuminating the nuances of strategic financial management amid unprecedented crises.

Keywords: Aviation; Greece; COVID-19; Financial Ratios (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2025-04-05
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