Malta International Airport (MIA) registered €11.3 million in pre-tax profit during the first quarter of 2024 (Q1 2024), a 75.5 per cent increase from the same period in 2023 (Q1 2023: €6.5 million).

These figures were released on Tuesday as part of a market update, in which it published its financial results for Q1 2024 and also revised its guidance for the rest of the year.

MIA reported a strong start to 2024, with the results exhibiting substantial growth over the figures from the first three months of 2023. This was driven by heightened travel demand, which prompted a 26.3 per cent rise in passenger volumes.

Between January and March 2024, MIA generated €25.7 million in revenue, a 35.7 per cent year-on-year increase (Q1 2023: €18.9 million).

In line with the increased activity and investment in its workforce, MIA’s staff costs and other operating expenses also increased to €3.7 million (Q1 2023: €3.1 million) and €7.1 million (Q1 2023: €6.2 million), respectively.

The group’s capital expenditure (CAPEX) for the first three months amounted to €15.9 million, with the continuation of works on Apron X and the Terminal Expansion Project being the two primary projects.

MIA’s total assets expanded marginally during the reporting period, going up from €330.6 million at the end of 2023 to €332.5 million in Q1 2024.

Given the strong results posted during Q1 2024, together with the positive outlook for the rest of the year, MIA adjusted its guidance for 2024, with total passenger traffic now expected to reach 8.45 million passenger movements. In April 2024 alone, MIA welcomed 774,562 passengers, a 9.3 per cent increase in traffic volumes over the same period in 2023.

In 2024, revenue is expected to reach €132 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) is set to amount to €82 million. Net profit will come in at €44 million, while CAPEX is expected to be close to €60 million.