COMPANY ANNOUNCEMENT
Malta International Airport plc (the "Company")
Publishes its Financial Results for Q1 2024 and a Revised Guidance
Date of Announcement | 14 May 2024 |
Reference | 405/2024 |
In terms of Chapter 5 of the Capital Market Rules | |
QUOTE
Malta International Airport today published its traffic results for April and disclosed the financial results of the Group for the first quarter of 2024.
Strong performances in both instances, together with a positive outlook for the coming months, gave the Company the confidence to revise its guidance for 2024.
January to March Financial Results
Malta International Airport reported a strong start to 2024. The Group's first quarter financial performance showcased substantial growth over the same period in 2023, while heightened travel demand also resulted in a 26.3 per cent hike in passenger volumes.
Between January and March 2024, the Group generated revenues totalled €25.7 million, which translates to a 35.7 per cent year-on-year increase.
As a direct consequence of the airport's busier operation, operating expenses rose by 14.2 per cent over 2023. Staff costs also climbed 20.6 per cent to total €3.7 million in 2024, as the Company continued to invest in growing its workforce.
The Group's capital expenditure for the first three months amounted to €15.9 million, with the continuation of works on Apron X and the Terminal Expansion Project being two of the most noteworthy projects.
The Group's first-quarter earnings surged 75.0 per cent year-on-year, as net profit for the first three months of 2024 stood at €7.3 million.
For further detail on the company's financial performance, you can refer to the Consolidated Statement of Comprehensive Income (SOCI) and the Consolidated Statement of Financial Position (SOFP) attached to this announcement.
Revised Guidance
In light of the strong results achieved thus far, and the positive outlook for the remaining months of 2024, Malta International Airport has adjusted the guidance for the year, and now expects:
Traffic to reach 8.45 million passenger movements
Revenue to total €132 million
EBITDA to reach €82 million
Net Profit to amount to €44 million
CAPEX to be between €60 million
April Traffic Results
Malta International Airport welcomed 774,562 passengers in April, posting a 9.3 per cent growth in traffic volumes over the same period in 2023. This result was achieved in parallel with a 9.6 per cent increase in aircraft movements.
While seat capacity deployed by airlines climbed by 10.5 per cent over 2023, the average seat occupancy on flights decreased marginally to stand at 83.8 per cent.
April's top markets were Italy, the United Kingdom, Germany, France and Poland. While the United Kingdom (+23.9 per cent), Germany (+4.5 per cent) and Poland (+47.0 per cent) outperformed their respective 2023 results, the Italian and French markets suffered a year-on-year drop of 2.8 per cent and 3.8 per cent, respectively.
Other Matters
The Company would also like to announce the appointment of two new Heads of department.
Mr Paul Toledo, a warranted Certified Public Accountant who also holds a Practicing Certificate in Auditing, has joined the Finance Department in the role of Head of Financial Accounting & Reporting and will assume responsibility for the financial operations of the Company encompassing the department's accounting stream, which includes treasury and cash management, financial accounting, management and reporting. Mr. Toledo brings to the Company a wealth of financial expertise gained in servicing a number of high-profile clients, including a number of regulated and listed entities. Mr Heinz Lachinger shall retain his responsibilities as the Company's Head of Financial Controlling & GRC (Governance, Risk & Compliance).
Ing. Andrew Portelli was engaged as the Head of Technical Facilities with the Technical Services Department. In this role, Ing. Portelli will be leading the facilities team, ensuring proper
implementation of preventive maintenance programs and overseeing all technical work to ensure the highest standards of safety and operational efficiency.
UNQUOTE
Signed:
Louis de Gabriele
Company Secretary
About Malta International Airport
As Malta's sole air terminal, Malta International Airport connects the Maltese archipelago to over 100 destinations. In 2023, the airport welcomed 7.8 million passengers, marking a growth of 6.7% in passenger traffic over 2019.
The airport team is guided by a vision of service excellence, which has led MLA to clinch the title 'Best Airport in Europe' for 2018, 2019, 2020, 2021 and 2022. To uphold this reputation and to be able to cater for an ever-increasing number of passengers, the company has consistently invested in the airport campus since the airport's privatisation in 2002.
The company announced a five-year investment programme totalling €250 million in 2023, aimed at enhancing the airport's infrastructure and ensuring that Malta International Airport can seamlessly handle increasing volumes of passengers, whilst reaching its environmental targets and continuing to develop the airport campus.
Apart from these notable investments into the airport's infrastructure, Malta International Airport also invests into the Maltese Islands' cultural heritage and environment through the Malta Airport Foundation which will be celebrating its 10th year anniversary this year.
Malta International Airport plc is a public company listed on the Malta Stock Exchange, with its shareholders being the Malta Mediterranean Link Consortium (40%), with Flughafen Wien AG owning a 96% share, the Government of Malta (20%), the general public (29.9%), and VIE Malta Limited (10.1%).
Statement of Comprehensive Income (SOCI)
Consolidated Income Statement (unaudited) | ||||||
The Group | Q1 2024 | Q1 2023 | ||||
unaudited | in EUR | ||||||
Revenue | 25,710,743 | 18,940,873 | ||||
Staff costs | (3,738,766) | (3,101,102) | ||||
Other operating expenses | (7,121,223) | (6,236,709) | ||||
Depreciation | (3,507,139) | (2,935,935) | ||||
Release of deferred income arising on the | ||||||
sale of terminal buildings and fixtures | 70,901 | 70,901 | ||||
Investment income | 448,378 | 251,057 | ||||
Finance cost | (539,470) | (536,095) | ||||
Profit before tax | 11,323,424 | 6,452,990 | ||||
Income tax expense | (4,021,924) | (2,281,405) | ||||
Profit for the period attributable to the ordinary | ||||||
equity holders of the Company, net of tax | 7,301,500 | 4,171,585 | ||||
Profit per share attributable to the ordinary equity | ||||||
holders of the Company | 0.054 | 0.031 |
Statement of Financial Position (SOFP)
The Group
in EUR
Assets
Property, plant and equipment
Investment property
Other Receivables
Deferred tax assets
Non-current assets
Inventories
Trade and other receivables
Short-term Treasury bills
Term deposits
Cash and short term deposits
Current assets
Total - Assets
Equity and liabilities
Equity attributable to ordinary equity holders of the Company
Share capital
Retained earnings
Total - Equity
Lease liability
Deferred income
Other Payables
Provision for retirement benefit plan
Provision for MIA benefit fund
Non-current liabilities
Trade and other payables
Current tax liabilities
Current liabilities
Total - Liabilities
Total - Equity and Liabilities
31 March 2024 | 31 December 2023 | |
unaudited | audited | |
205,492,765202,120,085
24,539,23115,529,126
1,833,0001,900,124
5,664,5895,546,733
237,529,585225,096,068
1,380,3821,280,119
26,207,71327,857,390
9,764,96314,699,519
37,000,00037,000,000
20,607,44424,674,829
94,960,502105,511,857
332,490,087330,607,925
33,825,00033,825,000
164,327,784157,026,288
198,152,784190,851,288
54,460,48454,374,185
4,998,2945,049,058
2,600,8551,957,908
2,912,2932,890,265
280,118264,827
65,252,04464,536,243
45,543,35255,803,964
23,541,90719,416,430
69,085,25975,220,394
134,337,302139,756,637
332,490,087330,607,925
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Disclaimer
Malta International Airport plc published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 13:35:05 UTC.