In the first half of 2024, the revenues of Lithuanian Airports (LTOU), according to unaudited data, grew to EUR 31 million year-on-year and were 4.5 per cent higher than in the first half of the previous year.
Net profit rose from EUR 6.1 million last year to EUR 7.5 million this year (year-on-year).
Meanwhile, EBITDA in the first half of this year was €11.1 million, down 23% compared to the same period in 2023. This is due to the increase in the number of employees from 449 to 517. Most of the new hires were made as Aviation Security Inspectors to ensure the smoothest possible execution of the core function and to manage the increased passenger traffic. There were also increases in asset maintenance and costs related to the handling of passengers with reduced mobility.
According to the company, about two thirds of LTOU's revenues this year were generated from aviation activities, which exceeded EUR 20.4 million, almost EUR 0.5 million more than in the first half of last year. Non-aeronautical revenues grew even faster: from €9.6 million last year to €10.5 million this year, an increase of almost €1 million.
The company's record investment in infrastructure amounts to €70 million this year. The investments are aimed at ensuring the future capacity of Lithuanian airports for passengers and growing flights.
Key projects include the construction of the new departures terminal at Vilnius Airport and the reconstruction of the traffic scheme, as well as the expansion of the apron and passenger terminal at Kaunas Airport.
"We are positive about our financial performance in the first half of this year and see clear growth in many key areas. The growth was undoubtedly driven by strong demand for travel, which has been growing strongly since the beginning of the year, reaching record volumes, and is not expected to stop in principle during the year. In anticipation of this trend, we invested more in staff capacity at the end of last year, with the most active hiring of operational staff, which, although it is the most significant contributor to increased costs in the financial statements, at the same time allows us to make sure that all passengers are served in a timely and appropriate manner," says Petras Akstinas, Director of the LTOU Finance Department.
Last updated: 2024 08 30 14:00