Malta International Airport plc - Full-Year Results
On 24 February 2025, Malta International Airport plc published its Annual Report & Financial Statements for the year ended 31 December 2024.
Revenue surged by 19% to a record of €142.9 million compared to the previous record of €120.2 million in 2023. Both main operating segments registered higher income with the ‘Airport’ segment increasing by 20% to €99.1 million (representing 69.4% of total revenues) while revenue from the ’Retail & Property’ segment climbed 16% higher to €43.5 million in revenue (representing just over 30% of revenue). The company explained that 15% growth in passenger movements to a new record of 8.96 million was the principal driver for the higher income.
Operating costs increased by 23% to €70.6 million (2023: €57.6 million) reflecting the growth in the number of employees as well as the higher variable costs resulting from the greater passenger volumes. Operating profit increased by 15% to €72.3 million (2023: €62.7 million). Excluding depreciation and amortisation charges of €14.8 million, EBITDA amounted to €87.1 million, which is 16% higher than the EBITDA figure of €75.2 million recorded in 2023. However, the EBITDA margin dropped to 60.9% from 62.6% in 2023.
After accounting for finance costs amounting to €2.15 million and investment income of €1.77 million, MIA reported a record pre-tax profit of €72.2 million (2023: €62.2 million). Following a tax charge of €25.8 million, MIA reported a record net profit of €46.3 million, which is 15% higher than the 2023 record of €40.3 million. The return on average equity also improved to 23.0% from 22.3% in the previous year.
The Statement of Financial Position shows that total assets increased by 12% to €370 million, largely composed of property, plant and equipment amounting to €241 million, investment property of €29 million, and cash balances of €65 million. Meanwhile, total liabilities increased by 13% to €157 million as the Group remained without any borrowings and also ended the 2024 financial year in a net cash position of €10.2 million even when including €54.7 million in lease liabilities. As a result, shareholders’ funds grew by 12% to €213 million.
Dividend
The Board of Directors is recommending a final net dividend of €0.12 per share to be paid by not later than Saturday 31 May 2025 to all shareholders as at the close of trading on Thursday 10 April 2025, subject to approval at the upcoming Annual General Meeting scheduled for Wednesday 14 May 2025.
The proposed final dividend is unchanged from last year but when coupled with the higher net interim dividend per share of €0.06 paid in September 2024 (Sept 2023: €0.03), the total net dividend attributable to the 2024 financial year amounts to a record of €0.18 per share (2023: €0.15) which amounts to a payout ratio of 52.6% (2023: 50.4%).
Infrastructural Investments
The Directors’ Report highlighted that the capital expenditure for 2024 amounted to €68.3 million (2023: €44.3 million). Furthermore, the Board approved a €345 million investment plan for the period 2025-2029 which is aimed at delivering significant operational improvements, provide equipment to operate more sustainably, and further strengthen MIA’s commercial portfolio.
Outlook
The Directors noted that while European passenger traffic exceeded pre-pandemic levels in 2024, the aviation industry is still navigating through a challenging landscape, including delays in aircraft deliveries and geopolitical tensions. The introduction of sustainable aviation fuel is also expected to increase fuel costs. Considering these challenges together with the positive developments for 2025, including the start of operations of four new airlines in the second quarter and the extension of certain routes into the shoulder months, MIA expects 9.3 million passenger movements in 2025, which would translate into an increase in traffic of 3.7% over 2024.
The Directors also reiterated the financial targets for the 2025 financial year:
- Revenue of €147 million (+2.9% compared to FY2024)
- EBITDA of €91 million (+4.5%)
- Net profit of €48 million (+3.6%)
- Capital investments of €70 million