Malta International Airport plc - Quarterly Update

On 11 November 2022, Malta International Airport plc announced that during the month of October it welcomed 590,278 passengers which is 16.1% lower than the amount of 703,405 movements handled in the same month in 2019. However, the seat load factor continued to exceed that of 2019 for the sixth consecutive month as it stood at 86% compared to 82.3% in October 2019.

The largest market for MIA in October was Italy, followed by the UK, Germany, France and Poland. Although Italy, France and Poland continued to register growth over 2019, the UK and German markets continued to lag in performance when compared to 2019.

Financial Performance: January to September 2022

Apart from the traffic update, MIA also provided information about its financial performance and position as at 30 September 2022. In this respect, revenues during the period under review amounted to €66.5 million which is 13.9% lower than the comparative figure of €77.3 million in 2019. Similarly, the adjusted EBITDA of €42.6 million (when excluding the impact of the government wage support scheme) was 14.2% lower to the level of €49.6 million generated in the first nine months of 2019. Overall, MIA generated a net profit of €21.7 million in the period under review compared to €26.9 million in 2019.

From a financial position perspective, MIA had total assets of €275.9 million and total liabilities of €122.4 million as at 30 September 2022. Cash balances increased considerably to €53.7 million compared to €32.7 million as at the end of 2021. On the other hand, the airport operator remained free from any bank borrowings.

Updated Key Performance Targets

Following the stronger business dynamics as well as the tax credit of €12 million that MIA will be benefiting from, the airport operator issued updated targets for 2022 as follows:

  • Passenger movements of over 5.7 million compared to the previous forecast of 5.4 million (2019: 7.31 million).
  • Revenues of over €85 million compared to the previous forecast of €82 million (2019: €100.2 million).
  • EBITDA of over €52 million compared to the previous forecast of €50 million (2019: €63.2 million).
  • Net profit before tax credit of over €25 million compared to the previous forecast of €23 million (2019: €33.9 million).
  • Net profit after tax credit of over €37 million.
  • Capital investments of over €13 million compared to the previous forecast of €15 million (2019: €24.9 million).

Download:

Malta International Airport plc – Q1 to Q3 2022 Financial Results.