Athens International Airport Sees Net Profits Near €200 Million During January-September 2024

The total revenues and income of Athens International Airport (AIA) SA increased to 509 million euros during January-September 2024 with profits after taxes totaling 195.1 million euros.

In more detail, AIA’s total revenues and other income this year (including the 20 million euros Covid-19 compensation received from the Greek State in Q3 2023 for losses due to travel restrictions in the second half of 2020) rose by 9.8 percent to 509 million euros in the first three quarters of 2024, compared to 463.61 million euros in the same period of 2023, with all revenue streams showing strong improvement.

According to an announcement, the growth was largely driven by a 13.3 percent rise in passenger traffic and robust commercial expansion, benefiting both Aviation and Non-Aviation Activities.

Source: AIA

Revenues and other income from Aviation Activities rose by 8.5 percent to 387.7 million euros in the nine months of 2024 over the previous year. This increase primarily stemmed from higher revenue from Aeronautical charges and the Airport Development Fee (ADF), while air charge rates remained stable during this period.

Non-Aeronautical Activities generated 121.3 million euros, a 14.2 percent rise compared to the same period in 2023, primarily due to increased revenue from retail concession activities and car parking services.

Operating expenses for the first three quarters of 2024 rose by 11.5 percent compared to the same period in 2023, reaching 157.8 million euros.

Adjusted EBITDA increased by 16.9 percent to 339.9 million euros, reflecting strong revenue growth, operational efficiency, and a high adjusted EBITDA margin of 66.8 percent. Adjusted EBITDA includes the annual fixed fee of 15 million euros for the granting of rights and excludes the Covid-19 compensation received in Q3 2023 for losses incurred in the second half of 2020.

Profit after tax rose by 3.4 percent, increasing by 6.4 million euros to 195.1 million euros, up from 188.7 million euros in the first nine months of the previous year.

Passenger traffic reaches 24.6 million in January-September

The airport’s passenger traffic totaled 24.6 million in the first nine months of 2024, up by 13.3 percent over the same period in 2023.

Source: AIA

AIA reported robust growth, with passenger numbers surpassing the already strong 2023 levels by 9.8 percent during the peak summer months (July to September). This growth is attributed to the airport’s high proportion of leisure travel, consumers’ preference for experiential spending, and the ongoing appeal of Athens as a key destination. Additionally, AIA’s aviation development strategy is leveraging the expansion plans of home-based carriers and select visiting airlines.

Domestic and international passenger traffic exceeded 2023 levels by 7.3 percent and 16.0 percent, respectively. Growth has outperformed 2023 figures across each quarter this year, as follows: Q1 +16.5 percent, Q2 +15.7 percent, and Q3 +9.8 percent. The rate of growth has begun to decelerate, reflecting the strong traffic base established in 2023.

AIA’s loan agreement with Alpha Bank for airport expansion

In the context of its Airport Expansion program, on October 23, AIA entered into an 806-million-euro secured bond loan agreement with Alpha Bank.

According to AIA, the bond loan has been secured at competitive terms and allows for progressive drawdowns in accordance with construction progress. The facility runs until the end of 2042.