Malta International Airport plc - Interim Results and Updated Forecasts

On 1 August 2023, Malta International Airport plc published its interim financial statements covering the six-month period ended 30 June 2023.

Revenues reached a record (at interim stage) of €53.6 million, which is 20% higher than the previous record of €44.6 million generated in the first half of 2019. The growth in income reflects the record passenger movements of 3.43 million between January and June 2023 (Jan-June 2019: 3.25 passenger movements), which translated in ‘Aviation’ revenue of €36.4 million, as well as higher revenues generated from the ‘Retail and Property’ segment, which amounted to €16.8 million.

Total operating costs amounted to €26.2 million, thus leading to an operating profit (EBIT) of €27.6 million (2019: €22.7 million). Excluding depreciation and amortisation charges, EBITDA amounted to €33.4 million, which is 24.2% higher than the level of €27 million generated in the first six months of 2019.  The airport operator achieved record EBITDA and EBIT margins of 62.4% and 51.5% respectively in H1 2023.

After accounting for net finance costs of €0.5 million and a tax charge of €9.56 million, MIA reported a net profit of €17.6 million.

The Statement of Financial Position as at 30 June 2023, when compared to the financial position as at 31 December 2022 shows that total assets increased by 3.1% (or €8.93 million) to €294.1 million, which includes cash balances of €67 million. Total liabilities increased by 6.6% (or €7.6 million) to €121.9 million mainly due to the higher level of current tax liabilities. Overall, MIA’s equity base expanded by 0.8% to €172.2 million.


Considering the Group’s strong financial performance, the Board of Directors declared a net interim dividend of €0.03 per share, which is the first interim dividend since 2019. The dividend is payable by not later than Friday 15 September 2023 to all shareholders as at close of trading on Monday 21 August 2023.

Outlook and 2023 Updated Forecasts

The airport operator explained that the aviation industry has made significant strides in its journey of recovery, however it is still operating in a challenging landscape amid staff shortages, aircraft delays, climate-related requirements, limited infrastructure, slot constraints and industrial actions. Meanwhile, any escalation of geopolitical tensions, primarily the war in Ukraine, could translate into new or exacerbated impacts on the aviation industry.

While the passenger figures reported in 2023 show that economic uncertainty, purchasing power pressures and higher air fares have not yet weakened the demand for air travel, pent-up demand is expected to gradually level off, leading to lower seat load factors than those that have been reported lately. The increased pressures on the aviation industry to decarbonise are also likely to result in higher ticket prices in the medium term. Additionally, the EU’s plans to revise the energy taxation directive will have a bigger impact on island states like Malta, which rely heavily on air connectivity.

MIA stated that while it expects passenger traffic growth during the summer months will greatly outweigh the shoulder months in 2023, looking ahead, it will continue working to address seasonality and attain a balanced business mix, both of which are crucial to the achievement of sustainable growth.

Keeping in mind these short and medium-term challenges, while considering the strong performance in the first six months of 2023 as well as the expectations of an overall positive summer season, MIA updated its targets for the 2023 financial year as follows:

  • Passenger movements of 7.2 million (2019: 7.31 million) compared to 6.3 million at the start of 2023
  • Revenues of €113 million (2019: €100.2 million) compared to €97 million at the start of 2023
  • EBITDA of €70 million (2019: €63.2 million) compared to €59 million at the start of 2023
  • Net profit of €37 million (2019: €33.9 million) compared to €29 million at the start of 2023
  • Capital investments of €39 million (2019: €24.9 million)