Wednesday, May 9, 2018

Malta IAP releases 2017 financial results

Malta Int'l Airport plc experienced another year of solid growth, with the company registering a net profit of €24.2 million, up from €21.0 million in 2016.  Details of the company's performance in 2017 were presented today during Malta IAP's 26th Annual General Meeting.

The company's outstanding financial performance can be attributed to an increase in revenues in both the airport's aviation (+14.6%) and non-aviation (+8.3%) segments.  The significant growth registered by the aviation segment was largely the result of an upswing of 17.5% in passenger movements.

Addressing shareholders present for the meeting, M.I.A. plc Chairman N. Gretzmacher noted that 2017 was the airport's fastest-growing year, gaining almost one million passenger movements over 2016.  He added that despite the fact that the terminal was both busier and in a state of development through the company's Terminal Reconfiguration Project, the team had succeeded in delivering an excellent service to its guests, attaining the second best airport in Europe award in the Airport Service Quality survey.

"Now that the Terminal Reconfiguration Project is fast nearing completion, we are operating with significantly improved terminal facilities, including additional check-in desks, a bigger security screening area, and a new lounge, which put us in a better position to provide an even smoother passenger journey," Mr Gretzmacher went on to add.

On his part, CEO A Borg reviewed the year 2017 in more depth, presenting details of the company's growth across its key financial indicators, an extensive traffic report, and investment highlights for the year.

Mr Borg noted that the company's traffic projections for 2018 indicate that the year will be closed off with around 6.5 million passenger movements, marking the ninth consecutive record year for Malta IAP.

He then went on to focus on the company's recently approved master plan, which will see Malta IAP invest at least €100 million into the development of the terminal and the surrounding airport campus over the medium term.

"Our commitment to invest in both our aviation and non-aviation segments in a way that enables us to keep growing sustainably is etched in our corporate strategy, and our master plan is a means by which we will honour this pledge," said Mr Borg.

Looking at the more immediate future, Mr Borg went on to highlight that in the last quarter of 2018, works will be kicked off on the construction of a multi-storey car park with an investment totalling around €20 million.  Other investments for this year include the extension of the airport’s cargo village, further terminal upgrades, and security and operational improvements.

During the meeting, shareholders approved a total net dividend of €0.10c per share for 2017.  (Source: maltairport.com, 8-May-2018)