Malta International Airport plc - Quarterly Update

On 17 May 2022, Malta International Airport plc published a Quarterly Update providing information about its financial performance in Q1 2022. In this respect, MIA explained that despite passenger traffic was 44.1% lower than the level achieved in Q1 2019, revenues in the first three months of 2022 amounted to €10.8 million which is 30.4% lower than the €15.6 million figure recorded in the corresponding period in 2019.

On the expenditure side, operating costs amounted to €6.38 million. As a result, EBITDA stood at €4.46 million compared to €7.23 million in Q1 2019. Despite the lifting of the emergency cost reduction measures implemented at the onset of the pandemic, the EBITDA margin of 41.1% achieved in Q1 2022 was only 5.4 percentage points lower than the EBITDA margin of 46.5% recorded in Q1 2019.

After accounting for depreciation charges of €2.82 million, net finance costs of €0.53 million and tax charges of €0.48 million, MIA reported a net profit of €0.63 million compared to €2.87 million in Q1 2019.

Meanwhile, in terms of financial position, MIA remained free from any bank borrowings whilst cash and cash equivalents increased by 11.5% to €36.5 million compared to €32.7 million as at the end of 2021. Year-on-year, MIA’s cash balances surged by almost 47% despite the company’s commitment to continue investing heavily in its facilities and infrastructure. In fact, during the first three months of 2022, MIA’s capital expenditure amounted to €1.2 million which also includes the completion of the first phase of the complete overhaul of the airport food court.

In conclusion, MIA noted the encouraging performance recorded in April and reiterated its optimism for the months ahead for the summer season and beyond including the kick-start of a number of large-scale projects.