Rīga Airport revival continues

The net turnover of Riga Airport in the first three quarters of 2022 was 41.7 million euros, which is 5.1 million euros or 14% more than was planned for this period in the company's budget, according to an unaudited condensed interim report.  

"The increase in net turnover during the reporting period continued to be positively influenced by changes in the structure of passengers, with a significant increase in the number of direct passengers," the Airport said in a statement.

The airport's net turnover consisted of income from aviation services in the amount of 26.52 million euros, which is 11% more than planned, and from non-aviation services in the amount of 15.15 million euros, or 20% more than forecast in the budget.

The costs of economic activity in the nine months of 2022 amounted to 45.56 million euros, which is 3% less than planned in the budget.

The total amount of investments in the nine months of 2022 at Riga Airport just exceeded nine million euros, mainly investing in security system and IT infrastructure development solutions, improving passenger and aircraft service infrastructure and airport area development, replacing road transport, machinery and apron equipment.

The interim report for the nine months of the year shows that, taking into account higher turnover in both the aviation and non-aviation fields, the Riga airport worked with a profit of EUR 3 million, although the planned budget for this period predicted losses of EUR 4.3 million. However, as the prices of energy resources increase, the profit might not be maintained in the fourth quarter of the year, the Airport warned.

In the nine months of 2022, the number of passengers served at the "Riga" airport reached 3.94 million passengers, which is 176% more than in this period in 2021, but compared to the volumes of 2019, the number of passengers served is 34% less. 

"The recovery after the Covid-19 pandemic has been slower in European airports, which is basically explained by the fact that due to the war in Ukraine and the related closure of the airspace, it has not been possible to provide transit passenger service and cargo flights in the planned volume," the statement said.

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