Riga Airport Closes 2022 with a Profit


Audited annual report for 2022 shows that although the aviation industry was significantly affected after the global pandemic and by the Russian-led war in Ukraine last year and its consequences, 2022 was a year of stabilization for Riga Airport. The year ended with a turnover of 58 million euros, 5.4 million passengers, 55 thousand flights and a profit of 286 thousand euros.

The Airport's net turnover in 2022 reached almost 58 million euros, which, compared to 2021, is an increase of 82 % and exceeds the budget by 11 %. The growth was mainly facilitated by revenue from aviation services of just under EUR 36 million (or +91 % compared to 2021), in particular due to a significant increase in the number of passengers following the easing of pandemic restrictions in the first half of the year.

Similarly, the non-aviation services segment, compared to 2021, has seen a significant 70 % increase in revenue reaching 22 million euros last year. This part of revenue also performed better than planned in the budget (+21 %).

"We consider 2022 as a year of stabilization. Not only have we completed it with a positive result, but we have also been able to move from the planning and project development phase to the implementation of strategic documents and to start work on several projects that are important for the future of the Airport. Thanks to the wide number of destinations, many of which we are the only ones in the Baltics to offer, Riga Airport is and will remain attractive to travelers in our region," says Laila Odiņa, Chairperson of the Board of Riga Airport.

Last year, the Airport worked on the major development plans included in the medium-term strategy – the terminal expansion project and the RIX Airport City concept, and took a major step towards sustainability by approving the company's sustainability strategy and road map for achieving the goals of "Net Zero 2050", and has also been involved in several international research and innovation projects, including the European Union's "Horizon" project on the use of hydrogen technology in aviation to achieve the goal of becoming a climate-neutral airport in the future.

The total amount of investment in the Airport in 2022 reached 14.7 million euros, modernizing both passenger and aircraft service infrastructure and the power supply system, upgrading road transport, machinery, and platform equipment, as well as improving security, emergency situation and IT infrastructure.

Riga Airport paid 15.62 million euros in taxes to the State budget last year.