Malta International Airport plc - Quarterly Update
On 6 November 2019, Malta International Airport plc published an Interim Directors’ Statement updating the market on its financial performance since the start of the year. In this respect, the Directors noted that the financial position of the company has remained sound and that its performance has been superior to the corresponding period last year. In fact, revenues grew by 9.2% (or €6.48 million) to €77.3 million (Jan – Sept 2018: €70.8 million), operating profits increased by 11.5% (or €5.04 million) to €43.1 million (Jan – Sept 2018: €38.7 million) and profits after tax climbed by just over 8% (or €2 million) to €26.9 million (Jan – Sept 2018: €24.9 million). It is also worth highlighting that despite the €12 million in capital expenditure incurred by MIA, as at the end of September 2019, MIA remained debt-free (excluding a lease liability of €52.2 million) and also held cash balances and fixed-term deposits amounting to a total of €29.6 million compared to a balance of €20.3 million as at 31 December 2018.
Looking ahead, MIA stated that with traffic projections remaining in line with expectations, the last months of the current financial year are expected to follow the same positive trend registered in the first nine months. As a result, MIA is expecting to surpass the financial targets as set out at the start of the year. On 17 January 2019, MIA had forecasted a 5.8% increase in passenger numbers to a new record of 7.2 million. The company had also said that it was targeting revenues to amount to €96 million and also post a net profit of €31 million.
Malta International Airport plc – Interim Directors’ Statement dated 6 November 2019.