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Malta International Airport plc – Full-Year Results

Jonathan Falzon

February 25, 2025

25 February, 2025
6 min read
25 February, 2025
6 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 24 February 2025, Malta International Airport plc published its Annual Report & Financial Statements for the year ended 31 December 2024.

Revenue surged by 19% to a record of €142.9 million compared to the previous record of €120.2 million in 2023. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 20% to €99.1 million (representing 69.4% of total revenues) while revenue from the ’Retail & Property’ segment climbed 16% higher to €43.5 million in revenue (representing just over 30% of revenue). The company explained that 15% growth in passenger movements to a new record of 8.96 million was the principal driver for the higher income.

Operating costs increased by 23% to €70.6 million (2023: €57.6 million) reflecting the growth in the number of employees as well as the higher variable costs resulting from the greater passenger volumes. Operating profit increased by 15% to €72.3 million (2023: €62.7 million). Excluding depreciation and amortisation charges of €14.8 million, EBITDA amounted to €87.1 million, which is 16% higher than the EBITDA figure of €75.2 million recorded in 2023. However, the EBITDA margin dropped to 60.9% from 62.6% in 2023.

After accounting for finance costs amounting to €2.15 million and investment income of €1.77 million, MIA reported a record pre-tax profit of €72.2 million (2023: €62.2 million). Following a tax charge of €25.8 million, MIA reported a record net profit of €46.3 million, which is 15% higher than the 2023 record of €40.3 million. The return on average equity also improved to 23.0% from 22.3% in the previous year.

The Statement of Financial Position shows that total assets increased by 12% to €370 million, largely composed of property, plant and equipment amounting to €241 million, investment property of €29 million, and cash balances of €65 million. Meanwhile, total liabilities increased by 13% to €157 million as the Group remained without any borrowings and also ended the 2024 financial year in a net cash position of €10.2 million even when including €54.7 million in lease liabilities. As a result, shareholders’ funds grew by 12% to €213 million.

Dividend

The Board of Directors is recommending a final net dividend of €0.12 per share to be paid by not later than Saturday 31 May 2025 to all shareholders as at the close of trading on Thursday 10 April 2025, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 14 May 2025.

The proposed final dividend is unchanged from last year but when coupled with the higher net interim dividend per share of €0.06 paid in September 2024 (Sept 2023: €0.03), the total net dividend attributable to the 2024 financial year amounts to a record of €0.18 per share (2023: €0.15) which amounts to a payout ratio of 52.6% (2023: 50.4%).

Infrastructural Investments

The Directors’ Report highlighted that the capital expenditure for 2024 amounted to €68.3 million (2023: €44.3 million). Furthermore, the Board approved a €345 million investment plan for the period 2025-2029 which is aimed at delivering significant operational improvements, provide equipment to operate more sustainably, and further strengthen MIA’s commercial portfolio.

Outlook

The Directors noted that while European passenger traffic exceeded pre-pandemic levels in 2024, the aviation industry is still navigating through a challenging landscape, including delays in aircraft deliveries and geopolitical tensions. The introduction of sustainable aviation fuel is also expected to increase fuel costs. Considering these challenges together with the positive developments for 2025, including the start of operations of four new airlines in the second quarter and the extension of certain routes into the shoulder months, MIA expects 9.3 million passenger movements in 2025, which would translate into an increase in traffic of 3.7% over 2024.

The Directors also reiterated the financial targets for the 2025 financial year:

  • Revenue of €147 million (+2.9% compared to FY2024)
  • EBITDA of €91 million (+4.5%)
  • Net profit of €48 million (+3.6%)
  • Capital investments of €70 million

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 February 2025, Malta International Airport plc published its Annual Report & Financial Statements for the year ended 31 December 2024.

Revenue surged by 19% to a record of €142.9 million compared to the previous record of €120.2 million in 2023. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 20% to €99.1 million (representing 69.4% of total revenues) while revenue from the ’Retail & Property’ segment climbed 16% higher to €43.5 million in revenue (representing just over 30% of revenue). The company explained that 15% growth in passenger movements to a new record of 8.96 million was the principal driver for the higher income.

Operating costs increased by 23% to €70.6 million (2023: €57.6 million) reflecting the growth in the number of employees as well as the higher variable costs resulting from the greater passenger volumes. Operating profit increased by 15% to €72.3 million (2023: €62.7 million). Excluding depreciation and amortisation charges of €14.8 million, EBITDA amounted to €87.1 million, which is 16% higher than the EBITDA figure of €75.2 million recorded in 2023. However, the EBITDA margin dropped to 60.9% from 62.6% in 2023.

After accounting for finance costs amounting to €2.15 million and investment income of €1.77 million, MIA reported a record pre-tax profit of €72.2 million (2023: €62.2 million). Following a tax charge of €25.8 million, MIA reported a record net profit of €46.3 million, which is 15% higher than the 2023 record of €40.3 million. The return on average equity also improved to 23.0% from 22.3% in the previous year.

The Statement of Financial Position shows that total assets increased by 12% to €370 million, largely composed of property, plant and equipment amounting to €241 million, investment property of €29 million, and cash balances of €65 million. Meanwhile, total liabilities increased by 13% to €157 million as the Group remained without any borrowings and also ended the 2024 financial year in a net cash position of €10.2 million even when including €54.7 million in lease liabilities. As a result, shareholders’ funds grew by 12% to €213 million.

Dividend

The Board of Directors is recommending a final net dividend of €0.12 per share to be paid by not later than Saturday 31 May 2025 to all shareholders as at the close of trading on Thursday 10 April 2025, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 14 May 2025.

The proposed final dividend is unchanged from last year but when coupled with the higher net interim dividend per share of €0.06 paid in September 2024 (Sept 2023: €0.03), the total net dividend attributable to the 2024 financial year amounts to a record of €0.18 per share (2023: €0.15) which amounts to a payout ratio of 52.6% (2023: 50.4%).

Infrastructural Investments

The Directors’ Report highlighted that the capital expenditure for 2024 amounted to €68.3 million (2023: €44.3 million). Furthermore, the Board approved a €345 million investment plan for the period 2025-2029 which is aimed at delivering significant operational improvements, provide equipment to operate more sustainably, and further strengthen MIA’s commercial portfolio.

Outlook

The Directors noted that while European passenger traffic exceeded pre-pandemic levels in 2024, the aviation industry is still navigating through a challenging landscape, including delays in aircraft deliveries and geopolitical tensions. The introduction of sustainable aviation fuel is also expected to increase fuel costs. Considering these challenges together with the positive developments for 2025, including the start of operations of four new airlines in the second quarter and the extension of certain routes into the shoulder months, MIA expects 9.3 million passenger movements in 2025, which would translate into an increase in traffic of 3.7% over 2024.

The Directors also reiterated the financial targets for the 2025 financial year:

  • Revenue of €147 million (+2.9% compared to FY2024)
  • EBITDA of €91 million (+4.5%)
  • Net profit of €48 million (+3.6%)
  • Capital investments of €70 million