Net turnover of Riga Airport has reached 19.85 million euros during the first nine months of 2021 which is by 1.8% less than planned in the company’s annual budget. Losses over the same period are 5 million less than it was forecast in the budget, and amounted to 10 million euros, according to the unaudited condensed interim financial statements for nine months’ period until 30 September 2021.
“Efficient reduction of operating expenses of the Airport and targeted planning of resources, as well as thanks to increasing number of passengers and compensation received for the land repossessed for the construction of Rail Baltica, the Airport has managed to reduce the budgeted losses by one third, moreover, in September, we managed to generate a small profit in the amount of 42,000 euros. Although the increase in the number of passengers and flights and future forecasts provide a steadier perspective, our operating results still significantly run behind the pre-crisis results and the company will end this year with significant losses. This means that further on the Airport will keep working in a strict fiscal discipline and frugality conditions, balancing expenses and revenues carefully,” emphasised the Airport’s Chairwoman of the Board, Laila Odiņa.
Pursuant to the agreement with the European Commission, in June 2021, the Airport received state support to overcome economic consequences caused by the pandemic. The decision provided share capital increase by 32.5 million euros and release from dividend payment for the financial year of 2019 in the amount of 4.5 million euros.
The Airport is getting ready for the growth of the industry after the global pandemic, and continuous implementing the initiated investment projects. Over nine months of 2021, investments in the amount of 2.9 million euros have been acquired, and it is estimated that the total amount of investments in 2021 will be 7.36 million euros. The largest part of investments are used in the areas of electricity supply, airfield, emergency situations, security and IT, as well as servicing of passengers and aircraft.
Over nine months of 2021, the number of passengers serviced by the Airport reached 1.43 million passengers or 79% of the number of passengers served in 2020 over the same period, but compared to the numbers of 2019, the decrease in the number of passengers was 76%. However, in August and September 2021, the number of passengers serviced by the Airport reached 50% of the results of the same months in 2019.
Regardless of the significant impact of COVID-19 pandemic, Riga Airport serviced 38% passenger flights, 38% of the total number of flights and 45% of total amount of cargo, has retained its leading positions among the airports of the Baltic states over the first nine months of 2021.
Riga Airport is a fast-growing Northern European air traffic hub, connecting the Baltic countries with European business centres and popular holiday destinations. As a member organization of the European Union Aviation Safety Agency (EASA) Aviation Industry Charter for COVID-19, Riga Airport works to the highest standards of epidemiological safety. Skytrax has awarded Riga Airport a four-star rating for its implemented Covid-19 safety measures.