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Historically Best Economic Results Enable Riga Airport to Maintain Stability during the COVID-19 Crisis

Print
08.05.2020

 

Revenue from aviation services provided by the Airport in the reporting year accounted for EUR 40.8 million - 7% more than a year before. In turn, revenue from non-aviation services in the reporting period amounted to EUR 24.1 million, and it is an increase of 6% as compared to the previous year. Airport profit reached EUR 22.1 million in 2019.

 


Laila Odiņa, Chairperson of the Board of Riga International Airport: “The historically best economic performance achieved in 2019, the decisive implementation of strict cost-cutting measures and state support, which we will receive in the second half of the summer following the endorsement by the European Commission, allow the company to maintain stability, ensure emergency operations at a time when the aviation industry is experiencing an unprecedented crisis due to the spread of COVID-19 and the Airport's operations are almost completely suspended, and enable the company to prepare for the resumption of its operations as soon as the restrictions are lifted.” 

“Recognizing the importance of the Airport to the Latvian economy, our task is not only to survive this crisis, but to remain competitive and ready for a new stage of development once the crisis is over in order to provide jobs and revenue to the state budget. Therefore, it is important that the support granted by the government will allow us to continue the most important investment projects for the future growth of the Airport, thus increasing the company's competitive advantage,” emphasizes Laila Odiņa.

Riga Airport is still the largest air passenger and cargo service centre in the Baltics, serving 44% of passengers and flights in 2019, as well as almost half of the total cargo volume. In 2019, the Airport served a record number of 7.8 million passengers, with an 11% increase in the number of passengers, becoming one of the fastest growing European airports. Last year, Riga Airport handled 87 thousand aircraft, which is 4% more than a year before.

In the summer season of 2019, Riga Airport connected the Baltic countries with the largest number of direct destinations in its history - it was possible to travel to 106 destinations in Europe, Asia and elsewhere in the world from Riga.

To support Airport's operations during the sate of emergency, the government has decided to increase the company's share capital by EUR 49.9 million and cancel the dividend payment of EUR 4.51 million for the previous year. This aid, for a total amount of EUR 54.4 million, is earmarked for the specific purpose of maintaining Airport's infrastructure and operations during the emergency and continuing investment projects in which the Airport has already made specific commitments or which are necessary for Airport's operations.


 

Riga Airport is a fast-growing Northern European air traffic hub. Riga Airport served more than 7.8 million passengers in 2019. The Cirius study recognized Riga Airport as the fourth most punctual airport in the world in 2019.