MIA annual general meeting: Revenue for January-September down 67%
Malta International Airport’s revenue for the period from January to September 2020 registered a drop of 67.7% over the same comparable period in 2019, to stand at €24.9 million.
The company’s performance for the year ended 31 December 2019 as well as year-todate traffic results were presented at MIA’s annual general meeting on Wednesday.
In his opening address, Malta International Airport Chairman Nikolaus Gretzmacher noted that a decade of growth stemming from a sustained focus on the achievement of long-term results and a diversified business strategy had bolstered the company’s resilience to face the onslaught of challenges brought by COVID-19.
Gretzmacher went on to explain that despite the company’s solid performance over the past 10 years, the extent of the impact and expected duration of the pandemic had necessitated the implementation of additional measures, aimed at supporting the company in maintaining a stable financial position.
Chief Executive Officer Alan Borg gave an in-depth presentation of the company’s performance in 2019. Increases in revenue generated by the company’s aviation and non-aviation segments drove net profit up by 11.9% to reach an alltime record of €33.9 million. The growth registered by the aviation segment was largely driven by a 7.4% increase in passenger traffic.
Borg proceeded to present Malta International Airport’s year-to-date traffic results after giving an understanding of the devastating impact of COVID-19 on European airports and passenger traffic in Europe. In October, Malta International Airport welcomed 110,346 passengers, bringing year-to-date traffic up to 1,661,700 passenger movements. This translates into a drop of 73.8% compared to the same period last year.
During the Annual General Meeting, it was also revealed that the company’s cost-cutting measures, including reductions in management and employee wages, together with contributions from the government COVID-19 wage scheme, had enabled the company to cut staff costs by 24.1% in the first three quarters of 2020. Moreover, during the same period, the company lowered its operating costs by 38.4% through several initiatives, including a revised maintenance programme focusing solely on essential works.
Revenue for the period from January to September 2020 registered a drop of 67.7% over the same comparable period in 2019 to stand at €24.9 million.
“The aviation industry has now entered the winter period, which is expected to be the most challenging in living memory for European airports. While we are confident that the aviation industry will rebound, it is crucial that this recovery is aided by decisionmakers through a more structured approach to health and safety measures across countries. We believe that this, together with the availability of an authorised vaccine, would significantly boost consumer confidence in travel,” said Borg, while also highlighting the company’s own efforts to restore consumer confidence.
In his concluding remarks, Borg expressed his confidence that the company’s financial resilience, built over the years, and the right team of employees equipped Malta International Airport with enough strength to continue facing Covid-related challenges and eventually emerge from this crisis.