Malta International Airport plc - Quarterly Update

On 14 May 2024, Malta International Airport plc published the financial results for the first three months of 2024. MIA also updated its traffic and financial guidance for the year.

Financial Performance: January to March 2024

Revenues during the first three months of 2024 amounted to €25.7 million, which is 35.7% higher than the comparable figure of €18.9 million in 2023.

EBITDA amounted to €14.8 million compared to €9.60 million in the same period last year.

The profit before tax amounted to €11.3 million compared to €6.45 million in the first quarter of 2023.

Overall, MIA generated a net profit of €7.3 million in the first quarter of the year compared to €4.17 million in the comparable period in 2023.

In terms of financial position as at 31 March 2024, when compared to 31 December 2023, total assets increased by 0.6% (or €1.9 million) to €332 million, which includes cash and other short-term investments totalling €67 million. Meanwhile, the airport operator remained free from any borrowings and the equity position strengthened by 3.8% (or €7.3 million) to €198 million.

Updated Key Performance Targets

Following the stronger performance during the first three months of 2024, the airport operator issued updated targets. For 2024, MIA now expects:

• Passenger movements of 8.45 million compared to an earlier forecast of 8 million and 8.3% above the level of passenger movements of 7.8 million in 2023.
• Revenue of €132 million compared to an earlier forecast of €126 million and 9.8% above the actual revenue of €120.25 million in 2023.
• EBITDA of €82 million compared to an earlier forecast of €79 million and 9.0% above the actual EBITDA of €75.22 million in 2023.
• Net profit of €44 million compared to an earlier forecast of €42 million and 9.2% above the actual net profit of €40.3 million in 2023.
• Capital investments of around €60 million compared to the previous forecast of €45 million.