Malta International Airport has reported a net profit of €46.3 million for 2024, an increase of 15 per cent over, or €6 million, over the results for 2023.

The strong increase came as the airport registered a new record of €8.96 million passenger movements over the year, an increase of 15 per cent over the previous year. The increase in passengers was achieved on the back of a 14 per cent increase in seat capacity. Aircraft movements also increased by 14 per cent, with 58,773 aircraft movements recorded during 2024.

The seat load factor (SLF) achieved throughout the year averaged 86 per cent, increasing by 1 percentage point from the previous year and becoming the highest annual SLF recorded to date.

Total revenue for the group amounted to €142.9 million, up from €120.2 million in 2023. The airport segment contributed a share of 69.4 per cent of total revenues, while revenues from the retail and property segment totalled €43.5 million.

In its annual financial statement, Malta International Airport noted that the upward trend registered in 2024 was maintained throughout the year, including in the traditionally slower off-peak months, with traffic growing steadily each month compared to 2023.

In the first half of the year alone, the airport registered unprecedented traffic, with a total of 4,065,414 passenger movements recorded. As a result, the five million passenger movement milestone was reached by July 2024, a month earlier than the previous year.

Meanwhile, August was the busiest month of the year under review, with 983,182 passenger movements registered.

Italy, the United Kingdom, Germany, France and Poland were the airport’s most popular markets for 2024. With more than 1.7 million passenger movements registered, the United Kingdom outperformed its record-breaking 2019 volume.

The impressive growth in Polish traffic continued throughout 2024. Growing by 53 per cent over 2023, traffic to and from Poland registered the strongest increase out of the top five markets.

During 2024, seven new routes were launched, while two new airlines – Universal Air and Aer Lingus – started scheduled operations to Malta.

Malta International Airport continued its infrastructural investments throughout 2024, with capital expenditure totalling €68.4 million, a significant increase from the €44.3 million spent in 2023.

Within the retail and property segment, the extension of the terrace at the La Valette departures lounge was completed during the year under review, while works on the overhaul of the VIP Terminal also continued. The new VIP Terminal is envisaged to welcome its first guests in Q2 2025.

Enabling works on the construction of Sky Parks Business Centre 2 have been completed and excavation works started in November. Construction is set to start in 2025. This project will introduce a business hotel on airport grounds, together with further space for offices, retail, and food and beverage outlets. The hotel building is planned to be handed over to the chosen operator by the end of 2025.

The first phase of the Terminal Expansion Project, entailing a 1,550-square-metre westward extension commenced in Q4 2023, with works being at an advanced stage of completion. The new Schengen Arrivals route built as part of this project will lead passengers directly into the Baggage Reclaim Area for added convenience.

Progress has also been made on the Apron 8 South project (formerly referred to as Apron X). The first phase of the €45 million project became operational in Q3 2024, while the second phase of the project is at an advanced stage of completion, with the remaining four stands now expected to become operational by Q2 2025.

Other ongoing projects include the installation of a new heating, ventilation and air conditioning (HVAC) system within the terminal, the rehabilitation of aircraft stands and service roads, the upgrading of airfield substations and other electrical upgrades as well as the replacement of the Airfield Ground Lighting (AGL) control room system.

Further to these projects, the company kick-started works on the largest photovoltaic farm on airport grounds in Q4 2024. The fifth PV farm will generate around 5.1mln kWh of additional clean energy, significantly more than doubling current capacity and bringing the company a step closer to its net-zero target.

Looking forward, Malta International Airport noted that with the start of operations of four new airlines in the second quarter and the extension of certain routes into the shoulder months, it expects to close 2025 with 9.3 million passenger movements in 2025. This translates to an increase in traffic of 3.7 per cent over 2024.

Based on the projected passenger numbers for 2025, the total revenue of the group for the year is expected to reach €147 million. Projected EBITDA and net profit are to be €91 million and €48 million, respectively. The capital expenditure of the group during the year is expected to reach €70 million.