Malta International Airport plc - Revised Projections
On 26 July, Malta International Airport plc announced revised passenger and financial projections for 2018.
During the first six months of 2018, MIA registered a 16.3% increase in passenger movements to a record 3,069,673 on the back of a 16.6% increase in aircraft movements and a rise of 17% in seat capacity as well as a marginally unchanged seat load factor of just below 80%.
On the back of the strong performance registered in the first six months of the current financial year ending 31 December 2018, MIA is now expecting passenger movements to grow by 13% to reach yet another record of 6.77 million passenger movements. This is higher than the company’s initial forecast for 2018 of 6.5 million passenger movements representing a growth of between 7% and 9%.
The new growth rate also reflects the fact that the airport is now operating a summer schedule of 100 destinations while the outlook for the upcoming winter season also remains positive as 16 routes are being extended into winter and the company is also expecting increased capacity on a number of other routes.
MIA’s CEO Mr Alan Borg noted that the upward trend in passenger movements observed over the past years stems for the airport’s efforts to secure the best connections for Malta. Furthermore, Mr Borg reiterated that year-round tourism is a key, common objective for all industry stakeholders.
Capital Investments
The announcement also noted that MIA will soon commence the development of a new aircraft parking area, a multi-million euro investment that will cater for a growing demand by commercial airlines wishing to start or increase operations to Malta.
MIA is also committed to delivering its investment programme and will thus be executing a number of projects over the medium term. In this respect, MIA is planning a €40 million terminal expansion which will equip the airport with further check-in desks, increased circulation space and additional seating for airport visitors. Furthermore, later this year, MIA will commence works on a multi-storey car park which will accommodate car rental facilities and provide 700 additional car parking spaces within the airport campus.
Updated Forecasts
| Revised Target | % Change Over 2017 | Previous Target
(as per Company Announcement dated 12 January 2018) |
2017
(as reported) |
||||
| Revenue | Over €90 million | +9.3% | Over €87 million | €82,369,154 | |||
| EBITDA | Over €53 million | +9.1% | Over €52 million | €48,573,504 | |||
| Net Profit | Over €29 million | +20.1% | Over €28 million | €24,150,480 | |||
| Capital Investments | €7 million | -50% | €11 million | €14,015,045 | |||
| Contributions to Government | €19 million | +18.8% | €18 million | €16 million |