Malta International Airport generates record income in 2013

Malta International Airport plc Group's total comprehensive income for the year, net of tax, increased from €12.46 million to a record €14.47 million, signalling an increase of 16.1% over the previous year.

Revenue increased by €6 million from €52.8 million to €58.8 million.

The airport segment increased by €3 million from €38.3 million to €41.3 million, largely driven by the 10.5% increase in passenger traffic.

Retail and property also increased by another €3 million from €14.1 million to €17.1 million, the result of both the increase in retail and food and beverage sales to a larger number of passengers from the previous year, as well as the introduction of new rental income from SkyParks Business Centre.

Earnings before Interest, Taxation Depreciation and Amortization (EBITDA) increased by 15.8% from €25.80 million to €29.89 million. Profit increased from €19.46 million to €22.67 million, an increase of 16.5%.

The exceptionally good results were driven by and large by the unexpected large increase in volume of traffic during 2013, and by adhering to strict cost control throughout the year for the whole group, with special emphasis on the operating costs.

Group operating costs were higher than those of 2012, increasing by 7.9% from €18.9 million to €20.4 million. The increase is a result of an increase of €500,000 in marketing costs, which increased from €2.8 million to €3.3 million, and an increase in the ground rent lease charge of €700,000. There were also marginal increases in other operational costs such as staff costs, utility costs and PRM charges.   

Directors approved a further gross dividend of €0.06923 (net €0.045) per share be paid to all shareholders. This, together with the interim dividend already paid of a gross dividend of €0.046 (net €0.030) per share shall be proposed to the shareholders as a final dividend for the financial year ended 31st December 2013. Based on the current 135,300,000 shares of the company, this is equivalent to a gross final dividend of €0.11538 (net €0.075).