Surging passenger numbers resulted in a 26.3 per cent rise in Malta International Airport (MIA) plc’s profit before tax during the first half of 2024 (H1 2024), as the travel industry continues to enjoy pent-up demand following the COVID-19 pandemic.
This was announced in MIA’s interim financial results for the six months ended 30th June 2024, published on Thursday (today). The report comprises the results of MIA and its subsidiaries, namely Airport Parking Limited, SkyParks Development Limited, and SkyParks Business Centre Limited.
During reporting period, MIA continued to enjoy unprecedented traffic, with a total of just over four million passenger movements being registered. This translated to an 18 per cent increase in traffic over the same period in 2023. This was achieved through a 16 per cent rise in aircraft movements and a further 18 per cent growth in seat capacity. As a result, an overall seat load factor of 84 per cent was registered in H1 2024.
MIA generated €64.4 million in revenue during H1 2024, marking a 20.1 per cent increase over the €53.6 million registered in H1 2023. This was driven by growth in passenger numbers as well as higher revenues being generated from non-aviation activities.
In fact, its retail and property segment generated €20.1 million revenue during the reporting period, 19.2 per cent more than H1 2023.
Total expenditure during H1 2024 amounted to €23.4 million, an increase of €3.3 million or 16.3 per cent over H1 2023.
MIA recorded €7.6 million in staff costs, a rise of 18.7 per cent that primarily came due to the growth in the headcount required to cater to the increasing number of passengers. Other operating expanses totalled €15.7 million, growing by 15.1 per cent. This was fuelled by the increase in passenger movements and an extended maintenance programme for the terminal and the airfield.
MIA’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased from €33.5 million H1 2023 to €41 million in H1 2024.
Pre-tax profit for the reporting period amounted to €34.3 million, a 26.3 per cent surge from the same period last year (H1 2023: €27.1 million).
MIA’s capital expenditure (CAPEX) for the reporting period totalled €28.2 million (H1 2023: €7.7 million), as it made progress on a number of projects.
In 2024, it started to extend the terrace at the La Valette Departures Lounge and also overhauled the VIP Terminal, with both projects progressing well. The extension is in its final stages while the VIP Terminal overhaul is expected to be completed in the first quarter of 2025, MIA stated.
Enabling works on the construction of SkyParks Business Centre 2 have started, with excavation works set to commence in the third quarter of 2024. The development will introduce the first business hotel on the airport campus, as well as further office space and additional retail and dining opportunities.
Additionally, the first phase of the Terminal Expansion Project is set to be completed in the first quarter of 2025. Significant progress has also been made on the Apron X project, with the parking stands set to be fully completed for the second half of 2025.
MIA’s Board of Directors proposed an interim dividend of €0.06 per share on all shares settled at close of business on 22nd August 2024. The dividend is payable by no later than 13th September 2024.
Looking ahead, MIA stated that the anticipated traffic development for the following months is positive, as a number of airlines are planning to extend their summer operations into winter. “Growth in the number of weekly flights on existing routes is also expected moving forward, as are new developments,” it added.
MIA also said that it projects the UK market to recover and exceed 2019 levels, while the gap in the German market is set to continue to narrow with more seat capacity being deployed.
