Athens International Airport: 231.5M Euros in After-tax Profits

The Athens International Airport (IAA) reported a 26.6% increase in revenues and a 37.8% increase in profits after tax for the year 2023, which corresponds to total revenue and other income increase of 126.8 million euros and after-tax profits of 231.5 million euros.

This growth was driven mainly by a 24.0% increase in passenger traffic and dynamic revenue growth from commercial activities due to significant improvements in the aeronautical revenue activities and non-aeronautical revenue activities – income from areas such as retail shopping, food and beverage, advertising, car rentals, parking, and real estate leasing.

After-tax profits increased by 37.8% to 231.5 million euros compared to 168.0 million euros in the previous year. Regarding the financial position of IAA, it has a net debt of 649.7 million euros and a Net Debt to Adjusted EBITDA ratio of 1.8x.

Pre-tax, interest, and depreciation profits (adjusted EBITDA) amounted to 367.2 million euros, marking a 16.7% increase compared to 2022, while the adjusted EBITDA margin was 62.9%. Adjusted EBITDA, excluding Initial Public Offering (IPO) expenses, amounted to 378.0 million euros.

Record passenger traffic at Athens International Airport
Overall, in 2023, traffic at Athens International Airport reached 28.17 million passengers, exceeding 2022 levels by 24% and 10.2% higher than 2019 levels, showing a faster recovery rate compared to the average of European airports.

It is noted that during the first months of 2022, there were still travel restrictions in place. Specifically, domestic and international passengers exceeded 2022 levels by 18.9% and 26.4%, respectively, and also exceeded 2019 levels by 13.3% and 8.8%, respectively. The year 2023 was characterized by strong demand for air travel despite macroeconomic and geopolitical challenges.