Malta International Airport plc - October Traffic Results & Quarterly Update

On 13 November 2024, Malta International Airport plc published the October 2024 traffic results and the financial results for the first nine months of 2024. MIA also updated its guidance for the year.

October 2024 Traffic Results

In October 2024, passenger movements amounted to 838,393 passenger movements, which is 8.7% above last year’s comparable figure.

The seat load factor for October 2024 was at 86.5%, which is 1.8 percentage points higher than in October 2023, despite the fact that seat capacity was 6.5% higher than last year.

MIA stated that the most popular destinations remained Italy, the United Kingdom, and Germany, which held a combined market share of just over 50%. Meanwhile, the French and Polish markets were the fourth and fifth positions respectively. In this respect, the airport operator explained that passenger movements from Poland registered year-on-year growth of 49.8%.

The passenger movements during the ten-month period ended October 2024 amounted to 7.74 million, representing an increase of 14.7% over the corresponding period last year.

Financial Performance: January to September 2024

Revenues during the first nine months of 2024 amounted to €107.8 million, which is 17.7% higher than the comparable figure of €91.6 million in 2023.

Operating profit surged by 21.7% to €61.2 million, which translates into an improved EBIT margin of 56.8% compared to 54.9% in the same period last year. Excluding depreciation and amortisation charges, EBITDA increased by 19.5% to €71.2 million, which also translates into a better EBITDA margin of 66.1% compared to 65.0% in the same period last year.

Overall, MIA generated a net profit of €39.5 million during January – September 2024, which is 22.2% above the net profit of €32.3 million in the comparable period in 2023.

The financial position as at 30 September 2024, when compared to 31 December 2023, shows that total assets increased by 5.3% (or €17.6 million) to €348 million, which includes cash and term deposits totalling €48.9 million. On the other hand, the airport operator remained free from any borrowings while MIA’s equity position strengthened by 7.9% (or €15.1 million) to €206 million.

Updated Key Performance Targets

Following the stronger performance during the first nine months of 2024, the airport operator issued updated targets for the second time this year. For 2024, MIA now expects:

• Passenger movements of 8.96 million compared to an earlier forecast of 8.45 million and 14.8% above the level of passenger movements of 7.80 million in 2023.
• Revenue of €141 million compared to an earlier forecast of €132 million and 17.3% above the actual revenue of €120.2 million in 2023.
• EBITDA of €85 million compared to an earlier forecast of €82 million and 13.0% above the actual EBITDA of €75.22 million in 2023.
• Net profit of €46 million compared to an earlier forecast of €44 million and 14.1% above the actual net profit of €40.3 million in 2023.
• Capital investments of around €64 million compared to the previous forecast of €60 million.