On 10 November 2017, Malta International Airport plc (“MIA”) published an Interim Directors’ Statement updating the market on its financial performance since the start of the year.
The Directors noted that during the nine-month period under review, the financial position of the Company has remained sound and that its performance has been superior to the corresponding period last year. Indeed, revenues grew by 13.7% year-on-year to €63.1 million (Jan. – Sept. 2016: €55.5 million), earnings before interest, tax, depreciation and amortisation (“EBITDA”) surged by 21.9% to €39.1 million (Jan. – Sept. 2016: €32 million) and post-tax profits rose by 25.2% to €21.4 million (Jan. – Sept. 2016: €17.1 million). It is also worth highlighting that as at the end of September 2017, MIA had a cash balance of €41.5 million which represents a 13.7% increase over the balance held as at 31 December 2016. On the other hand, the airport operator had total debt of €43.9 million. Accordingly, MIA’s net debt position as at 30 September 2017 stood at just €2.32 million.
Looking ahead, MIA stated that the traffic projections for the current winter schedule are already exceeding expectations. Moreover, the Company remains optimistic that Q4 2017 will follow the positive trend registered so far and that the full-year financial results are expected to exceed the revised projections dated 27 July 2017. In July, MIA had adjusted higher its forecasted revenue figure for the current financial year ending 31 December 2017 to over €79 million (+8.1% over FY2016) from the earlier projection of over €73 million. Likewise, on 27 July 2017 MIA had upgraded its FY2017 forecasted EBITDA and net profit figures to over €45 million (+12.5% over FY2016) and €23 million (+9.6% over FY2016) respectively from the January projections of over €40 million and €20 million.