Aena earns 607 million after recovering travelers and pre-pandemic commercial sales

Aena leaves behind the stoppage caused by the covid in its income statement.

Oliver Thansan
Oliver Thansan
25 July 2023 Tuesday 10:45
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Aena earns 607 million after recovering travelers and pre-pandemic commercial sales

Aena leaves behind the stoppage caused by the covid in its income statement. The Spanish airport manager obtained a net profit of 607 million between January and June, thus improving the 559 million achieved in the last year before the pandemic and the 277.5 million last year, even with sanitary restrictions. The listed company achieved, for its part, a gross operating result of 1,170.3 million during the first half of 2023. This is an ebitda that improves by 49.5% on last year, although it is still slightly lower than the same period of 2019.

The company chaired by Maurici Lucena has also managed to improve pre-pandemic traffic, despite the fact that travelers from Asia are not yet arriving en masse at Spanish airports. Specifically, the total number of passengers at the Aena network facilities, the 27 Spanish, the British from Luton and the 11 from the northeast of Brazil have grown to 144.1 million, 22.8% more than in the same period 2022, which represents a recovery of 100.5% of the traffic of 2019. 129.4 million passengers passed through Aena's national airports in the first half of the year, the highest figure in the historical series.

Total consolidated revenue for the first half of 2023 increased to 2,333.2 million euros, which represents an increase of 24.1% compared to the first half of the previous year, explains Aena. Among them are aeronautical revenues, which were 1,277.1 million euros, 19.4% more than in 2022; and commercial income, which reached 715.3 million euros, improving the figures for 2019.

The same occurs with the commercial activity of the airport premises, whose contract was completed precisely yesterday with the award to Dufry of the premises in Catalonia and Madrid. These revenues were 13.5% better than 2019 levels.

Aena admits, however, that "regulated business has been partially slowed down by the fact that the sharp increases in costs in the provision of airport services since the approval of DORA 2 have not been recognized in airport rates", the regulation document airport. Aena's consolidated accounting net financial debt stood at 7,071.8 million euros, compared to 6,242.9 million euros in 2022.

At its meeting on Monday, Aena's board of directors approved a proposal to raise the rates charged to airlines for using airports by 4.09%. The increase would be effective as of March 1, 2024, setting the maximum adjusted annual revenue per passenger (IMAAJ) for 2024 at 10.35 euros per passenger, which represents a variation of 4.09% compared to the IMAAJ of 2023 ( 9.95 euros per passenger). The reason? Inflation.

The CNMC recognized a revaluation of the price index of 3.5% and, therefore, Aena could increase the rates as of next year, although it is the regulator who has to give its final authorization.

The decision could lead to an increase in air tickets, since the airlines, which are opposed to the measure, usually have an impact on their prices due to the rise in airport charges.