On 11 May, Malta International Airport plc (“MIA”) published a company announcement updating the market on its financial performance during the first quarter of 2018.
The Directors noted that, during the first three months of 2018, revenue increased by 3.8% to €13.9 million (Q1 2017: €13.4 million) and earnings before interest, tax, depreciation and amortisation (“EBITDA”) rose by 3.6% to €6.03 million (Q1 2017: €5.82 million). Similarly, profit after tax grew by 6.3% to €2.62 million when compared to the €2.47 million generated in the first three months of 2017.
It is also worth highlighting that as at the end of March 2017, MIA had a cash balance of €43.5 million which represents a 13.4% increase over the balance held as at 31 December 2017.
The Directors stated that the favourable start to the summer season together with the projection of further growth in passenger numbers, provides an optimistic outlook for the rest of 2018.
2018 Forecast & Financial Targets
At the start of this year, MIA had revealed that it is expecting a further growth in passenger numbers in 2018 of between 7% and 9% to around 6.5 million.
MIA expects to generate over €87 million in revenues in 2018 which should lead to an EBITDA figure of over €52 million and a net profit of over €28 million. MIA is also budgeting €11 million for capital expenditure whilst its net debt is expected to be below zero by the end of 2018. Furthermore, annual taxes and dividend contributions to Government are expected to be in the region of €18 million.