Malta International Airport (MIA) on Wednesday announced that it has recorded €41.8 million in profit before tax during 2022, representing a sharp 276 per cent rise from the previous year’s figures.
The group, which is made up of MIA plc and its three fully-owned subsidiaries Airport Parking Limited, SkyParks Development Limited and SkyParks Business Centre Limited, had registered €11.1 million in pre-tax profit in 2021.
The increase was primarily brought about as a result of an 85 per cent increase in revenue, with this going from 2021’s €47.4 million to €88 million in 2022. The aviation segment, which was granted a boost by the widespread easing of travel restrictions, contributed to 66.3 per cent of this total.
There were also significant increases in expenses during the year, as staff costs rose by 48.8 per cent to €10.1 million, while other operating expenses also rose by 40 per cent to €22.9 million. Finance costs marginally increased to €2.1 million from 2021’s €2 million. The costs were driven by the recovery of the business from the second quarter onwards, primarily resulting in an “increased head-count in all operational areas”, customer services costs and maintenance expenses to cater for the rise in demand.
The group remarked that the effects of cost-saving initiatives launched in 2020 are still “visible” as the “majority of the measures taken have led to sustainable cost advantages”.
The group’s total assets as at the end of the year grew by 17.5 per cent to €285.1 million. The Board of Directors proceeded to recommend the payment of a final net dividend of €0.12 per share, on all shares settled as at close of business on 10th April 2023. It added that dividend shall be paid by no later than 26th May 2023.
Last year, MIA’s full-year traffic stood at 5.8 million passenger movements, with this being 20 per cent below that of 2019, the year it achieved record full-year traffic. This recovery trend was maintained at the start of 2023, as January’s passenger numbers surpassed those of 2019 for the first time since February 2020.